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Oil and gas tax changes announced

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Written by:
09/07/2012
The UK Treasury has announced new tax relief that could potentially free up billions of pounds which could be invested in North Sea oil and gas.

In the last Budget, the government promised to provide assistance to the oil industry, which is worried about how the unknown cost of scrapping old offshore platforms might impact on its future investment.

Consultation has now started on the level of long-term tax relief that could be offered to the oil companies.

Government ministers and industry leaders have said it would provide a long-term boost for jobs.

A Treasury spokesman described the changes as a “further step in unlocking the potential of the UK’s oil and gas reserves”.

A spokesperson for the industry body, Oil and Gas UK, said that if the measures were implemented effectively, they would promote billions of pounds of long-term investment, create tens of thousands of jobs, and delay the process of scrapping offshore installations.

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