Windfall Levy Accounted for One Third of BP’s 2024 UK Tax Bill

BP Plc paid £1.25 billion ($1.6 billion) in taxes to the UK government in 2024, with about a third of the payments a result of the country’s windfall charge.

The figure was disclosed in newly released tax report and accompanying UK economic impact report conducted by Oxford Economics, includes £411 million paid under the Energy Profits Levy. The surcharge was introduced in 2022 in response to surging oil and gas prices after Russia invaded Ukraine.

The UK payment is BP’s second-highest UK tax bill in recent years and is down 29% from 2023, when the company hauled in massive profits ...