Shell to pay £1.7bn in UK and EU windfall taxes on energy price profits

The London-listed oil giant said in October it had not paid any UK windfall taxes due to heavy investment

Shell is to pay £1.7 billion in UK and EU windfall taxes for Q4 (Anna Gowthorpe/PA) (PA Media)

Shell has revealed it will pay around two billion dollars (£1.7 billion) in UK and EU windfall taxes for the latest quarter.

It comes after bosses at the London-listed oil giant said in October they had not paid any UK windfall taxes due to heavy investment in the North Sea.

The firm told investors on Friday that it will face a hit to earnings for the final quarter of 2022 due to the increased UK energy profits levy and additional EU taxes.