Shell to avoid UK windfall tax this quarter due to investments, CFO says

LONDON, Oct 27 (Reuters) – Shell (SHEL.L) does not expect to pay UK windfall taxes in the current quarter as it is investing in new North Sea oil and gas projects such as Jackdaw, triggering a mechanism largely offsetting the tax, its chief financial officer said.

The levy, which was introduced in May, meant Shell paid around $360 million through the third quarter. Sinead Gorman added on Thursday she expected the tax to kick in again early next year.

Reporting by Shadia Nasralla and Ron Bousso; Editing by Jan Harvey

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