United Kingdom

Employees

6,725

Total tax contribution

$6,911,711,826

Taxes borne

$199,959,646

Taxes collected

$6,711,752,180

• Third-party revenues

  $51,884,447,064

• Related-party revenues

  $113,555,607,192

• Total revenues

  $165,440,054,256

• Profit before tax

  $1,809,672,534

• Corporate income tax paid

  $40,518,867

• Corporate income tax accrued

  $108,937,451

• Stated capital

  $139,875,753,932

• Accumulated earnings

  $63,977,012,456

• Tangible assets

  $14,452,100,926

• Other payments to governments

  $9,949,183

Shell's footprint

Shell has been present in the UK since 1897. On December 31, 2021, Shell moved its headquarters and tax residence to the UK from the Netherlands. Our gas plants, pipeline systems and import terminals deliver more than 20% of the UK's gas supply. Through Shell Energy, we provide home energy and broadband services to around 1.7 million customers in the UK [A]. We continue to invest in electric mobility infrastructure to support the UK's switch to electric vehicles. We have projects and technology teams in Aberdeen and London. They support the delivery of major projects around the world, from developing gas-to-liquids plants to deep-water exploration. Every year, Shell spends more than £200 million on research and development in the UK. There is also a Group treasury team in London that provides central cash management and other financial services.

[A] Shell agreed to sell its Shell Energy businesses in the UK and Germany on September 1, 2023.

Country financial analysis

The corporate income tax rate in the UK depends on the activity. For upstream UK continental shelf activities, the corporate income tax rate is 40%. As of May 26, 2022, an additional tax of 25%, called the Energy Profits Levy, applies to profits arising on upstream activities in the UK continental shelf; this increased to 35% on January 1, 2023. For all other activities in the UK, the corporate income tax rate was 19% in 2022, which increased to 25% on April 1, 2023.

Shell did not pay net corporate income tax in 2022 because of tax losses arising in the current and previous years, but did pay the Energy Profits Levy. In the Upstream business, losses had arisen due to significant investment in the UK continental shelf. Shell also received tax refunds related to decommissioning costs incurred. Decommissioning is a cost incurred as part of the life cycle of the field and is tax deductible. For late-life assets, these costs can generate net tax losses that offset profits made and taxes paid in previous years. As a result, tax that has effectively been overpaid is refunded. Our Payments to Governments Report for 2022 shows that Shell paid around $9.95 million in fees.