Oil Giants to Be Hit by Windfall Tax in U.K.
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LONDON—The U.K. said it would impose a temporary levy on oil-and-gas producers to help soften the pain of soaring energy prices on consumers, a rare so-called windfall tax aimed at blunting a worsening cost-of-living crisis.

British officials said Thursday they will introduce an “energy profits levy” of 25% that will eventually phase out as oil-and-gas prices decline. They said the surcharge amounts to an additional tax on top of current rates, effective immediately and lasting potentially to the end of 2025.

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