A new tax relief for the North Sea
The Chancellor has today announced a new tax relief to support gas investment in the UK Continental Shelf.This relief takes the form of a £500m field allowance for large shallow-water gas fields.
The Chancellor has today announced a new tax relief to support gas investment in the UK Continental Shelf.
This relief takes the form of a £500m field allowance for large shallow-water gas fields. Subject to certain qualifying conditions, the allowance will protect £500m of income from qualifying fields from the 32% supplementary charge tax rate.
For the full announcement click here.
This relief takes the form of a £500m field allowance for large shallow-water gas fields. Subject to certain qualifying conditions, the allowance will protect £500m of income from qualifying fields from the 32% supplementary charge tax rate.
For the full announcement click here.