Shell announces biggest profits since 2008

I am definitely not an expert on Global Companies Finance/Tax.

Is this profit overall (i.e. their entire worldwide operations or just the U.K. arm)?

Shell is listed in U.K., Amsterdam and New York, I expect them to pay taxes to the U.K. Government on the profits they make in the U.K. arm of their operation.

Small shareholders have had their dividends reduced by 66 % in the last three years.

I'm hoping Hunt will introduce some kind of windfall tax on these companies

I’m not an expert either, that was on the news as I reported. But it did use the words windfall and shareholders.

GrannyGravy13 you will be surprised to learn that paid no tax on its UK oil and gas production last year and instead received £100m from the taxpayer, despite paying £17bn in tax in other jurisdictions including Norway, Qatar and the USA.

In their own words::-
www.shell.com/sustainability/transparency-and-sustainability-reporting/payments-to-governments/_jcr_content/par/textimage.stream/1648821895529/be3f2bc19cb9cdcdeaec6c11d996ed78ab398682/report-on-payments-to-government-2021.pdf

They, not that

The shareholders won't go short - why should the public?

Shareholders and "the public" are not two entirely different entities.

Even if many of the general public don't have individual investments in shares or funds, they may have an ISA, a pension or future pension which may well hold a huge amount of shares in companies such as Shell.

But yes, they could still be taxed and offer investors a good return.

If this self serving government refuses to impose a proper windfall tax on companies like Shell, even when is boss practically begs to be taxed it is the ultimate proof that their right wing idealogy matters more to them than the good of our country.

varian

If this self serving government refuses to impose a proper windfall tax on companies like Shell, even when is boss practically begs to be taxed it is the ultimate proof that their right wing idealogy matters more to them than the good of our country.

BP have said the same as Shell. I know somebody who was at a shareholders' meeting and the company was saying that it wanted to be taxed more because it couldn't use the excess profits effectively.

The Liberal Democrats demanded a windfall tax on the energy companies more than a year ago

Subsequently the Labour Party agreed

What will it take for the Tories to admit that this is the right thing to do?

fhld.uk/en/article/2021/1417486/lib-dems-demand-windfall-tax-on-fossil-fuel-companies-to-support-households-this-winter

Do not forget the major shareholders in all these big companies, are insurance companies and pension funds, so much of their dividends will be going to the organisations that provide all of us with company or personal pensions with part of our income.

This means that it is more likely that we will get pension rises that begin to match inflation.

Do not throw the baby out with the bathwater.

MOnica Everybody doesn't have a company or personal pension. Just about everybody does pay fuel bills.

It is surely a question of fairness. We are not living in a casino.

Yes, I know that, but 66% of those over retirement age do receive one . /www.gov.uk/government/statistics/pensioners-incomes-series-financial-year-2020-to-2021/pensioners-incomes-series-financial-year-2020-to-2021
and 87% of those in work are contributing to one www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/bulletins/annualsurveyofhoursandearningspensiontables/2021provisionaland2020finalresults so that the fact that so much of these dividends go to the organisations that help fund our pensions matters to the vast majority of people in this country.

Oil companies are not supermarkets competing for custom by offering the lowest prices. The price of energy is decided by world markets, which are external to the oil companies, were they to get together to try and manipulate prices, there would be outrage. There are laws against companys working together to control prices.

There is such an unthinking reaction that high dividends mean rich men in their counting houses counting out the money, that certainly happens, but it also means that pension funds and insurance companies have the funds to pay the pensions they are committed to because there has been concern that in this long period of low interests rates and returns on investments, some may find themselves getting into financial trouble.

Good post M0nica

I’m not sure why Shell don’t pay tax in the UK if they pay tax in other countries. Just why not?

M0nica but 66% of those over retirement age do receive one

Thank you for that information. I don't receive one, was curious.

And remember that small shareholders as well as the large ones are the ones who put their money into the company and are entitled to some return on their investment. Monica made an excellent point. We're not all fat cats.

What about those under retirement age or the other 34%? Households over retirement age are already wealthier on average than those of working age.

fairfraise

And remember that small shareholders as well as the large ones are the ones who put their money into the company and are entitled to some return on their investment. Monica made an excellent point. We're not all fat cats.

Less money goes into companies now than for decades. People prefer to invest in property.

This one isn't.

That argument is contributing to the increase in inequality.

fairfraise

This one isn't.

So what do you imagine the people with pensions and shares do with their money?

Property is always a better investment, but the way people have been buying multiple properties and relying on tenants to pay their mortgage seems to me just ethically wrong.