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07/09/2012
Osborne Reveals Tax Breaks For Oil And Gas Fields
In an effort to support investment in older North Sea oil and gas fields, chancellor George Osborne has announced new tax measures.
The chancellor said the measure would give companies the incentive to "get the most out of" older fields and that the new allowance for "brown field" areas would shield some income from the supplementary charge on their profits.
Industry body Oil and Gas UK has previously claimed that tax breaks could generate a further £2bn of investment.
It is expected that the long-term tax revenues generated would significantly outweigh the initial cost of the allowance, the Treasury has said.
Up to £250m of income in qualifying brown field projects will be shielded by the new allowance, or £500m for projects in fields paying Petroleum Revenue Tax, from the 32% supplementary charge rate.
Speaking about the new allowance, the chancellor said: "Today's tax allowance is more good news for the North Sea, good news for jobs and good news for the broader economy.
"It will give companies the incentive to get the most out of older fields, creating jobs and delivering more revenue for taxpayers.
"This government has signalled its absolute determination to get more investment in the North Sea, a huge national asset."
(H)
The chancellor said the measure would give companies the incentive to "get the most out of" older fields and that the new allowance for "brown field" areas would shield some income from the supplementary charge on their profits.
Industry body Oil and Gas UK has previously claimed that tax breaks could generate a further £2bn of investment.
It is expected that the long-term tax revenues generated would significantly outweigh the initial cost of the allowance, the Treasury has said.
Up to £250m of income in qualifying brown field projects will be shielded by the new allowance, or £500m for projects in fields paying Petroleum Revenue Tax, from the 32% supplementary charge rate.
Speaking about the new allowance, the chancellor said: "Today's tax allowance is more good news for the North Sea, good news for jobs and good news for the broader economy.
"It will give companies the incentive to get the most out of older fields, creating jobs and delivering more revenue for taxpayers.
"This government has signalled its absolute determination to get more investment in the North Sea, a huge national asset."
(H)
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