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Insight

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.

 

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