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Aspiring Lawyers - Interviews & Vacation Schemes
Commercial Awareness Discussion
Unpacking BP's record profits (against its substantial losses?)!
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<blockquote data-quote="George Maxwell" data-source="post: 115923" data-attributes="member: 17165"><p>Hi [USER=18421]@rogerd123[/USER],</p><p></p><p>I would be interested to read the article that spoke about this! Do you have a link to it? </p><p></p><p>It is looking increasingly likely, I agree. I think this is a difficult one: a windfall tax recognises that a particular industry or sector has benefitted from something that they were not responsible for: they were 'lucky'. </p><p></p><p>My concern is that this sets a precedent for raising taxes in an unpredictable and potentially arbitrary way. Windfalls happen all the time, and I think I feel uncomfortable with the lack of clarity over when it is appropriate to levy such a tax. I.e., when does a 'windfall' cross the threshold of being inappropriate or unfair, necessitating the imposition of a financial penalty. </p><p></p><p>I thought that these articles were interesting (all from the perspective of why it is wrong for a windfall tax to be imposed):</p><p></p><ul> <li data-xf-list-type="ul"><a href="https://www.economist.com/leaders/2022/03/19/windfall-taxes-on-energy-companies-are-a-bad-idea" target="_blank">The Economist</a></li> <li data-xf-list-type="ul"><a href="https://www.ft.com/content/9cdad006-b5bc-4a1d-bc6c-9c523d4aa5db" target="_blank">The FT</a></li> <li data-xf-list-type="ul"><a href="https://www.spectator.co.uk/article/a-windfall-tax-on-energy-firms-is-a-mistake" target="_blank">The Spectator</a></li> </ul><p></p><p>[USER=16764]@James Carrabino[/USER] do you have any particular thoughts on this?</p></blockquote><p></p>
[QUOTE="George Maxwell, post: 115923, member: 17165"] Hi [USER=18421]@rogerd123[/USER], I would be interested to read the article that spoke about this! Do you have a link to it? It is looking increasingly likely, I agree. I think this is a difficult one: a windfall tax recognises that a particular industry or sector has benefitted from something that they were not responsible for: they were 'lucky'. My concern is that this sets a precedent for raising taxes in an unpredictable and potentially arbitrary way. Windfalls happen all the time, and I think I feel uncomfortable with the lack of clarity over when it is appropriate to levy such a tax. I.e., when does a 'windfall' cross the threshold of being inappropriate or unfair, necessitating the imposition of a financial penalty. I thought that these articles were interesting (all from the perspective of why it is wrong for a windfall tax to be imposed): [LIST] [*][URL='https://www.economist.com/leaders/2022/03/19/windfall-taxes-on-energy-companies-are-a-bad-idea']The Economist[/URL] [*][URL='https://www.ft.com/content/9cdad006-b5bc-4a1d-bc6c-9c523d4aa5db']The FT[/URL] [*][URL='https://www.spectator.co.uk/article/a-windfall-tax-on-energy-firms-is-a-mistake']The Spectator[/URL] [/LIST] [USER=16764]@James Carrabino[/USER] do you have any particular thoughts on this? [/QUOTE]
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Unpacking BP's record profits (against its substantial losses?)!
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