They are spending more money in the UK than they are making so have no rings profits and EPL profits. So currently they have no advantage from the 91% investment allowance benefit. They will get the benefit only if they have sufficient taxable profits in 2023-2025.
TLDR - to say that they pay no taxes because of the 91% benefit on capex is misleading. If they are getting the full 91% benefit on the EPL then they have to be paying ~~40% on oil and gas profits before the EPL tax.
Harju t1_iuihtav wrote
Reply to Shell paid zero windfall tax in UK despite record global profits by hugglenugget
Shell is currently not a taxpayer in the UK, their extractive industry generates losses (2021 extractive industry reports. https://eiti.org/sites/default/files/2022-07/UK%20EITI%20Payments%20Report%202021%20Final%20-%208%20July%202022.pdf
They are spending more money in the UK than they are making so have no rings profits and EPL profits. So currently they have no advantage from the 91% investment allowance benefit. They will get the benefit only if they have sufficient taxable profits in 2023-2025.
TLDR - to say that they pay no taxes because of the 91% benefit on capex is misleading. If they are getting the full 91% benefit on the EPL then they have to be paying ~~40% on oil and gas profits before the EPL tax.