Reeves Considers Exit Tax, Early End to EPL

Chancellor Rachel Reeves is weighing two major fiscal moves ahead of the November 26 Budget: a proposed 20% "settling‑up" exit charge on wealthy Britons who emigrate and an early end or replacement of the North Sea Energy Profits Levy (EPL), potentially bringing it to an end in March 2029. The proposed exit charge is estimated to raise about £2bn but critics warn it could prompt a rush of high‑net‑worth individuals and investors leaving the UK. Reeves has signalled that higher taxes on the wealthy will be "part of the story" as she seeks to plug a multi‑billion‑pound hole in the public finances. On oil and gas, Treasury officials are consulting operators and seeking guarantees that scrapping or replacing the EPL will lead to new investment and jobs, while industry bodies say the current levy is costing jobs and that removing it could unlock tens of billions of pounds of investment. Any decision on the EPL will depend on assessments by the Office for Budget Responsibility that changes would boost investment and production rather than simply reduce receipts.