UK government expected to offer energy companies windfall tax relief

Britain’s oil and gas companies are next week expected to be offered the prospect of windfall tax relief, as prime minister Rishi Sunak looks to boost investment and improve the country’s energy security.

Ministers have been discussing with the sector a promise that the 35 per cent windfall levy on profits would cease to apply if energy prices fell below a specified “normal” long-term level.

Officials close to the negotiations…