, which means the company has earned $30.5 billion already this year and is set to surpass its 2008 record annual profit of $31){kind=link}
Don’t say I didn’t warn you. In May, when Rishi Sunak’s ridiculous North Sea windfall tax was introduced, I pointed out that the levy would yield “next to nothing” for the Treasury. This was because, despite our new prime minister’s prediction that the tax would raise an extra £5 billion for the public coffers, the generous relief for new investment was worth over 91 per cent.
Thus no one should have been surprised by the news that energy major Shell won’t be coughing up any UK tax this year. That’s despite more than doubling its third-quarter profits to $9.5 billion (£8.2 billion), which means the company has earned $30.5 billion already this year and is set to surpass its 2008 record annual profit of $31
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