![Oil platform](/sites/default/files/styles/full_height_banner/public/2022-08/Oil-platform_0.jpg?itok=J04D4zp4)
Do ‘windfall taxes’ have a place in a modern tax system? Should the UK introduce a windfall tax now on the profits of oil and gas companies?
Downloads
![Image representing the file: Stuart Adam's Presentation: Is it time for a windfall tax?](/sites/default/files/2022-08/is-it-time-for-a-windfall-tax.pdf_0.pdf.jpg)
Stuart Adam's Presentation: Is it time for a windfall tax?
PDF | 120.19 KB
Do ‘windfall taxes’ have a place in a modern tax system? If so, what are the criteria for their use? Should the UK introduce a windfall tax now on the profits of oil and gas companies? Should we have introduced one on ‘excess profits’ generated by the pandemic? Are there lessons we can learn from past windfall taxes, such as the one introduced in 1997 on the ‘excess profits’ of the privatised utilities?
These are some of the questions our expert panel considered for a lively debate on this highly topical issue.
Our panel included:
- Stuart Adam - Senior Research Economist, Institute for Fiscal Studies
- Michael Jacobs - Professorial Fellow, Sheffield Political Economy Research Institute (SPERI)
- Chris Sanger - Global Government and Tax Risk Leader, EY, and policy adviser on the 1997 windfall tax on the privatised utilities
- Heather Self - Partner, Blick Rothenberg (and Group Tax Director at Scottish Power 2002-6)
Chair: Peter Rayney – President, Chartered Institute of Taxation
Authors
![Stuart Adam](/sites/default/files/styles/square_desktop/public/2022-06/Stuart_Adam.jpg?itok=WhMGYiwy)
Senior Economist
Stuart is a Senior Economist working in the Tax sector, and focuses on analysing the design of the tax and benefit system.
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Chris Sanger
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Heather Self
![Person graphic](/sites/default/files/styles/square_desktop/public/2022-06/IFS-person-graphic.png?itok=hWCtTSrz)
Michael Jacobs
Presentation details
- Publisher
- IFS
Suggested citation
Adam, S et al. (2022). 'CIOT/IFS Online Debate: Is it time for a windfall tax?' [Presentation]. London: IFS. Available at: https://ifs.org.uk/publications/ciotifs-online-debate-it-time-windfall-tax (accessed: 30 June 2024).
More from IFS
Understand this issue
![Microphone](/sites/default/files/styles/square_desktop/public/2024-06/Microphone.jpg?itok=soM7Wvbz)
Election Special: Your questions answered
27 June 2024
![Interview](/sites/default/files/styles/square_desktop/public/2024-06/1.jpg?itok=mjderngL)
Election Special: The big issues politicians haven't spoken about
25 June 2024
![Kier Starmer](/sites/default/files/styles/square_desktop/public/2024-06/Lab1.jpg?itok=43eIsvgM)
Election Special: The Labour manifesto explained
14 June 2024
Policy analysis
![Welsh town with mountains behind](/sites/default/files/styles/square_desktop/public/2024-06/Welsh-town-feature.jpg?itok=5axb5wZn)
How would the parties’ tax and spending plans affect Scotland and Wales?
28 June 2024
![Polling station](/sites/default/files/styles/square_desktop/public/2024-06/Polling-station-school.jpg?itok=uS-l6b-1)
What are the parties’ plans for benefits and taxes?
24 June 2024
![Shopping street](/sites/default/files/styles/square_desktop/public/2024-06/Street-scene-.jpg?itok=R39cR6Xp)
How do the last five years measure up on levelling up?
19 June 2024
Academic research
![Working Paper Cover](/sites/default/files/styles/portrait/public/2023-11/WP202333-Insurance-redistribution-and-the-inequality-of-lifetime-income_Page_01.jpg?itok=R5jXnKQm)
Insurance, redistribution, and the inequality of lifetime income
2 November 2023
![Journal cover](/sites/default/files/styles/portrait/public/2024-01/Review%20of%20Economics%20and%20Statistics.jpg?itok=17sKhTtl)
Intertemporal income shifting and the taxation of business owner-managers
24 January 2024
![Working paper cover](/sites/default/files/styles/portrait/public/2024-03/WP202409-House-price-rises-and-borrowing-to-invest.jpg?itok=4udJUAU_)
House price rises and borrowing to invest
27 March 2024