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Shell reveals latest year without paying UK corporation tax

Shell reveals latest year without paying UK corporation tax

Royal Dutch Shell paid no corporation tax in the UK last year even as it paid out billions of dollars in other jurisdictions.

The Anglo-Dutch oil major paid a total of $7.8bn in corporate income tax and $5.9bn in royalties last year on pre-tax profits of $25.5bn, according to an annual report published on Tuesday.

But the UK — along with France, South Africa and Indonesia — returned money to the company.

Shell received $116m from the UK government, following a similar return to the company in 2018, which it attributed to tax losses linked to investments in new North Sea fields and rebates tied to the decommissioning of ageing oil platforms.

Even Jessica Uhl, Shell’s chief financial officer, acknowledged on Tuesday that “in times of crisis such as the Covid-19 pandemic, taxes are also central to government policies to support people’s lives and livelihoods”.

FULL FT ARTICLE

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