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Energy

Shell

Profile reviewed

Shell is a listed energy group headquartered in London, with businesses including fuel retail, energy trading, oil and gas. Shell U.K. Limited is one of its UK subsidiaries. [1][2][3]

01 / Behind the name

Who owns Shell?

Publicly listed · London, Amsterdam and New York [1]

  1. 01
    UK subsidiary · 100% group interest

    Shell U.K. Limited [1]

    As reported · 31 Dec 2025
  2. 02
    Ultimate group parent

    Shell plc [1]

    As reported · 31 Dec 2025
  3. 03
    Listed shares; New York trading through depositary shares

    Public shareholders [1]

    As reported · 31 Dec 2025

This is a simplified route from one UK subsidiary to the listed parent, omitting intermediate holdings and other UK companies. The country tax disclosure covers a wider set of Shell entities, not Shell U.K. Limited alone. [1][2]

Explore Shell plc

Owner & brand overview

02 / On the map

Where is it based?

Ultimate parent
Shell plc [1]
Group headquarters
London, United Kingdom [3]
Parent incorporated in
England and Wales [6]

Headquarters, incorporation and tax residence describe different things. A headquarters address does not tell you where all of a company’s tax is paid.

Follow the investment

Investors in Shell

Investor disclosures found

Selected investor disclosures have been found. Each names the held entity, basis and date; the complete investor register remains outside this review. A stake in a parent or operating company is shown against that entity. Dates refer to each disclosure and can differ from the profile review date. Evidence links are included with each record.

Equity ownership

Greater Manchester Pension Fund

Held entity · Shell plc

Shares valued at £315,581,946 · percentage not disclosed

Securities holdings snapshot ·

Historical GBP market value of shares, not the number of shares, acquisition cost or current valuation. The list includes holdings through L&G pooled securities vehicles and does not identify the direct-versus-pooled route for every entry. The ownership percentage and voting rights are not disclosed here. This selected portfolio investment does not establish control of the company or direct ownership of its brands.

Evidence · 1 source
Equity ownership

Government Pension Fund Global

Held entity · Shell PLC

2.51%

Holdings snapshot ·

Norway's sovereign fund, managed by Norges Bank Investment Management. The percentage is equity ownership in the named listed issuer, rounded as published. Linked brands can be subsidiaries or portfolio businesses; this is not a direct brand stake or a complete shareholder list.

Evidence · 2 sources

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03 / The figures, with context

What does it report in UK tax?

Shell's worldwide operating cash-flow tax line does not isolate UK cash corporation tax. Its wider tax-contribution reconciliation also includes investing cash-flow taxes, withholding taxes, royalties and production taxes. Earlier UK disclosures and the dated 2025 research gap remain intact. The consolidated operating cash-flow statement reports USD 11,638m tax paid. This excludes tax paid within other investing cash outflows and the wider contribution measures; it is not a total UK or worldwide tax bill.

United Kingdom2024

UK corporation tax paid

Not separately disclosedCash payment

Shell group · UK country-reporting entities
Period ending 31 Dec 2024

The reviewed country report combines cash corporate income tax with accrued withholding taxes. It does not isolate a cash-only UK corporation-tax amount on the definition used here. Printed pages 47 and 52. [2]

United Kingdom2024

UK corporate income taxes · Shell’s reporting definition

US$509mSeveral direct taxes combined

Shell group · UK country-reporting entities
Period ending 31 Dec 2024

Reported as corporate income tax paid, including $23.65m Energy Profits Levy and decommissioning refunds. The definition also includes accrued withholding taxes and excludes non-consolidated ventures. US dollars retained; printed pages 47 and 52. [2]

United Kingdom2025

UK corporation tax paid

Not yet verifiedCash payment

Shell group · UK
Period ending 31 Dec 2025

The 2025 annual report is available, but a comparable UK-only cash figure has not been verified. The reporting centre’s country tax report still covers 2024. [1][4]

United KingdomPeriod ended 31 December 2025

UK corporation tax paid

Not separately disclosedCash payment

Shell plc multinational consolidated group
Period ending 31 Dec 2025

Shell's worldwide operating cash-flow tax line does not isolate UK cash corporation tax. Its wider tax-contribution reconciliation also includes investing cash-flow taxes, withholding taxes, royalties and production taxes. Earlier UK disclosures and the dated 2025 research gap remain intact. [6]

Consolidated groupPeriod ended 31 December 2025

Group income taxes paid in operating cash flow

US$11.6bnCash payment

Shell plc multinational consolidated group
Period ending 31 Dec 2025

The consolidated operating cash-flow statement reports USD 11,638m tax paid. This excludes tax paid within other investing cash outflows and the wider contribution measures; it is not a total UK or worldwide tax bill. [6]

These figures have different scopes. They should not be added together or used as a like-for-like tax ranking.

Understand the measures

04 / Check our working

The public record.

Primary sources used in this profile. Company disclosures are attributed to the company; inclusion is not an independent audit.

  1. 01
    Shell Annual Report and Accounts 2025 (opens in a new tab)

    Shell plc · Printed pp. 427–429 (incorporation and listings); appendix, PDF page 448 (Shell U.K. Limited)

    Accessed 27 Sept 2026
  2. 02
    Shell Tax Contribution Report 2024, updated August 2026 (opens in a new tab)

    Shell plc · Printed p. 47 / PDF p. 49: UK data; printed p. 52: definition including accrued withholding taxes

    Accessed 26 Sept 2026
  3. 03
    Investor contacts: registered office and headquarters (opens in a new tab)

    Shell plc · Shell Centre, London, United Kingdom

    Accessed 26 Sept 2026
  4. 04
    Reporting centre (opens in a new tab)

    Shell plc · 2025 annual report and 2024 Tax Contribution Report; page updated 24 September 2026

    Accessed 26 Sept 2026
  5. 05
    Shell plc (04366849): company overview (opens in a new tab)

    Companies House · Legal name, company number, domestic company type and incorporation. UK registration does not establish headquarters or tax residence; a constituent jurisdiction is not inferred from a registered-office address.

    Accessed 30 Sept 2026
  6. 06
    Shell plc multinational consolidated group: filed accounts, period ended 31 december 2025 (opens in a new tab)

    Companies House · Consolidated cash-flow statement, PDF p.235 (printed p.233); tax-payment reconciliation including investing cash flows and withholding taxes, PDF p.437; explicit incorporation jurisdiction, PDF p.429

    Accessed 30 Sept 2026
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