The Chancellor is expected to argue that the tax in its current form is sufficient in next month's Budget, i understands
There are also concerns that repeatedly changing the details of the taxation system undermines the stability of the investment environment.
Labour has called for the investment allowances to be scrapped, the levy to be backdated, and the headline rate to be increased to 78 per cent, which the party argues would raise more than £13bn extra.Shadow Climate Change Secretary Ed Miliband said: “It cannot be right that, as oil and gas giants rake in the windfalls of war, the Rishi Sunak’s Conservatives refuse to implement a proper windfall tax that would make them pay their fair share.
The vast majority of most oil and gas firms’ profits are made outside the UK, meaning they are not liable to British taxation.
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