Votes · November 2024 · Budget resolution

Budget Resolution No. 13: Energy (oil and gas) profits levy (relief for investment expenditure): how MPs voted on 6 November 2024

Division 32, 6 November 2024, 19:55. The Commons Votes API gives 454 Ayes, 124 Noes: majority 330 for the Ayes.

The question

13. Energy (oil and gas) profits levy (relief for investment expenditure)

Question put,

That—

(1) The Energy (Oil and Gas) Profits Levy Act 2022 is amended as follows.

(2) For section 2 substitute—

“2 Additional expenditure treated as incurred for purposes of section 1

(1) This section applies for the purposes of section 1 if, in a qualifying accounting period, a company has incurred investment expenditure.

(2) Expenditure is “investment expenditure” of a company so far as the expenditure—

(a) is capital expenditure on the de-carbonisation of its upstream petroleum production,

(b) is incurred for the purposes of oil-related activities,

(c) is not incurred for disqualifying purposes, and

(d) does not consist of financing costs or decommissioning costs.

(3) For the purposes of section 1 the company is to be treated as if, in addition to the investment expenditure incurred by it in the accounting period, it had incurred in that period expenditure of an amount equal to 66% of the amount of that investment expenditure.

(4) For the purposes of this section—

(a) if investment expenditure is incurred partly for the purposes of oil-related activities and partly for other purposes, the expenditure is to be attributed to the oil-related activities on a just and reasonable basis, and

(b) if a company incurs expenditure part of which is capital expenditure on the de-carbonisation of its upstream petroleum production and part of which is not, the expenditure is to be apportioned on a just and reasonable basis.

(5) This section needs to be read with section 6 (which prevents recycling etc of assets to generate relief).”

(3) Omit sections 3 and 4 (definitions of “operating expenditure” and “leasing expenditure”).

(4) In section 7(1) (when investment expenditure is incurred)—

(a) in paragraph (a), omit “in the case of capital expenditure,”, and

(b) omit paragraph (b).

(5) In section 18(1) (interpretation), omit the definitions of “leasing expenditure” and “operating expenditure”.

(6) The amendments made by this Resolution have effect in relation to expenditure incurred on or after 1 November 2024 (and section 7 of the Energy (Oil and Gas) Profits Levy Act 2022 applies for the purposes of this Resolution as it applies for the purposes of that Act).

And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.

As printed in Hansard before the division.

By party

Labour MPs cast 366 of the 450 named Aye votes; Conservative MPs 108 of the 124 named No votes.

Tellers: Christian Wakeford (Labour, Bury South) and Martin McCluskey (Labour, Inverclyde and Renfrewshire West) (Ayes); David Simmonds (Conservative, Ruislip, Northwood and Pinner) and Mr Gagan Mohindra (Conservative, South West Hertfordshire) (Noes).

How each MP voted

574 named · CSV

Sources

• Hansard: Budget Resolutions
• Commons division 32
• Commons Votes API: division 431fa859f1438c6d 15 October 2026
• Hansard API: division search 12d07eb2fa5d5e0d 15 October 2026
• Hansard API: debate 5bbc8c75682bcafb 15 October 2026

SHA-256 of each copy read. Open Parliament Licence v3.0

Method · Report an error