Shell has no UK tax this year

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Shell has no UK tax this year

The price of crude oil was close to $128 a barrel after the invasion, but has since fallen back to around $83. Gas prices went up but have come down from their highs.

Shell has said it does not expect to pay any UK tax this year, as it is allowed to offset decommissioning costs and investments in UK projects against any UK profits.

Shell derives around 5% of its revenue from the UK, while the rest is made and taxed in other jurisdictions.

The threshold will rise to 3,000 in April, and it is still more than twice what it was before Russia's invasion.

Companies can reduce the amount of tax they pay by factoring in losses or spending on things like decommissioning North Sea oil platforms. In the past few years, energy giants such as BP and Shell have paid little or no tax in the UK.

The annual profit figure far exceeded Shell's previous record set in 2008. The company planned to hold another $4 billion share buyback in the final three months of 2022, and that it paid out $6.3 billion to its shareholders in the final three months of 2022.