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‘Constructive’ tax talks

‘Constructive’ tax talks
Taqa said its £818million deal to increase its presence in the North Sea came after "constructive dialogue" with the UK Government over tax changes for oil and gas firms.

Taqa said its £818million deal to increase its presence in the North Sea came after “constructive dialogue” with the UK Government over tax changes for oil and gas firms.

The acquisition was welcomed by the government yesterday, with David Cameron calling it a “vote of confidence in the UK economy”.

He said: “We are committed to making Britain the investment destination of choice and this announcement shows how recent changes to the North Sea tax regime are helping to create and sustain thousands of jobs in Scotland and across the rest of the UK.”

The Treasury introduced measures to promote investment in new fields and existing fields, as well as tax allowances for small fields, large deep water fields and shallow-water gas projects.

The tax reliefs followed the damaging £10billion tax grab on UK oil and gas producers announced in the 2011 Budget.

Leo Koot said he was glad the government approved of the deal.

“I think it is very important that we raise our profile as an industry which is going to help the UK recover from the present economic downturn,” he said.

“What we need for the long-term future is fiscal stability.”

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