News
Topaz Energy – €20m investment programme
...pre-tax profit before exceptional items of €2.1m on a turnover of just less than €3bn. When exceptional items of €6.9m are taken into account (mostly associated with restructuring the group’s...
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News
Oil price recovery and staycations fuel growth for J.R. Rix & Sons
...same period the year before, to reach £525.4m. Group profit, before tax, also rose to £11.8m, up from £6.3m in 2020. New factory opens as leisure sector recovers Victory Leisure...
Opinion
UKIFDA vision for a liquid fuel future
...to plan and for suppliers to innovate and invest to ramp up supplies of liquid biofuels. Use tax rates to incentivise take up of liquid biofuels in domestic, agricultural, and...
News
Essar Oil UK – ‘a significantly better year’
...Profit after Tax (PAT) at $70 million vs a loss of $121 million in FY14 • Highest ever Current Price Gross Refining Margin (CP GRM) at $7.80/bbl vs $4.08/bbl in...
Insight
The UK energy sector: What is the direction of travel?
...also plans to get tough on oil and gas companies by closing the loopholes in the windfall tax, extending the sunset clause in the Energy Profits Levy until the end...
Insight
Downstream Norway: Leading the way in decarbonisation
...in Norway’s case, 5.4 million. In comparison, neighbouring Sweden has a network of 11,500 serving a population of 10.3 million. Norway’s incentive scheme, of tax breaks rather than subsidies, is...
News
Stanlow’s strong performance
...after Tax (PAT) was its highest ever at $179 million, against $35.3 million in FY15. Essar Oil UK reported its best ever Current Price Hydrocarbon Margin (CP HCM) at $10.1/bbl,...
News
Jail sentences for sellers of illicit fuel
...illegal fuel, which damaged vehicles’ engines and resulted in a tax loss of nearly £3.5 million,” said Richard Wilkinson, assistant director, fraud investigation service, HMRC. The gang used biodiesel supplied...
News
Government partnership with logistics companies could boost the UK economy
...also raise enough in additional taxation to finance the annual salaries of more than 20,000 nurses. If the UK was to become a global leader in logistics, this benefit would...
Opinion
VAT deal secures Stanlow refinery production
A lifeline, in the form of a phased tax payment deal, has been thrown to Essar Oil UK allowing it to keep producing as the UK struggles with supplies at...
News
Toxic find in County Armagh
...safety issues. As taxpayers and local ratepayers, not only are we missing out on the stolen tax going into the pockets of the criminals, we are also paying the substantial...
News
Will summer fuel prices skyrocket in the UK?
...customers, Danny Woods, transport manager at Speedy Fuels looked at what impacts the cost of diesel in the UK and around the world. Tax “One of the main price factors...
News
Industry leaders urge government to cut duty on low carbon liquid fuels
...the UK’s largest sustainable fuels suppliers, Green Biofuels, the letter argues price reductions in renewable diesel fuel can be achieved at no cost to the taxpayer, with consumers encouraged to...
Opinion
CILT’s 21-point plan to achieve net-zero by 2050
...sustainable fuel Continuing to incentivise the take-up of electric vehicles through grants and incentives Setting a clear, long-term policy that taxation will be aligned to decarbonisation, resource efficiency and levelling...
Opinion
Ken’s Corner: All change please, all change!
...to adopt and well understood by industry and consumers alike. A blend also allows for slightly more favourable tax treatment and is pitched at the right level with no changes...
Analysis
Potential impacts of April’s NIC and minimum wage changes
...an increased Employment Allowance, may provide some relief. Employer NICs increase from 13.8% to 15% from April 2025, meaning businesses will pay more per employee in payroll taxes. The threshold...
News
Fuel fraud arrests and sentences
...arrested and 55,000 litres of fuel seized, as part of an ongoing HMRC investigation into a suspected fuel smuggling fraud worth an estimated £3 million in evaded tax. HMRC officers...
Opinion
In the light of the Purvin & Gertz report discussed in FON’s July issue, are you worried about the UK’s refining resilience?
...recommendations that Phillips 66 made to ensure that UK oil refineries have a level playing field versus their international competition. In particular, the report recommended that: Regulations and taxes should...