“(1) The Chancellor of the Exchequer must, within three months of this Act being passed, publish an analysis of the possible impacts of the energy security investment mechanism on—

(a) revenue from the energy profits levy, and

(b) investment decisions involving businesses liable to pay the energy profits levy.

(2) The analysis under subsection (1) must consider how the impacts in (1)(a) and (1)(b) would be affected by amending the definition of a qualifying accounting period, as set out in section 1 of the Energy (Oil and Gas) Profits Levy Act 2022, to be one that ends before the end of the next Parliament.

(3) In this section, the “energy security investment mechanism” means the mechanism introduced by section 17A of the Energy (Oil and Gas) Profits Levy Act 2022, as inserted by section 19 of this Act.”—(James Murray.)

This new clause seeks to establish the impact on revenue and investment decisions of the energy security investment mechanism being introduced, and how this impact would be affected in a scenario where end date for the energy profits levy was amended to be before the end of the next Parliament.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The Committee divided: Ayes 198, Noes 269.

Question accordingly negatived.

The Deputy Speaker resumed the Chair.

Bill (Clauses 1 to 4, 12 and 13, and 19) reported (Standing Order No. 83D(6)), without amendment, and ordered to lie on the Table.