Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Budget 2015 live: Chancellor vows to press ahead with North Sea tax reforms

Chancellor George Osborne
Chancellor George Osborne

Chancellor George Osborne has reinforced the Government’s pledge in March to move ahead with tax reforms for the North Sea oil and gas industry.

The Government was previously urged by industry leaders to help support production and investment in the UKCS.

Speaking before parliament in the House of Commons, the Chancellor said previous promises – including a reduction in the supplementary tax charge from 30% to 20% would continue.

He said “large reductions in tax in North Sea oil and gas” would be going ahead.

Just months ago, a pledge was made for the introduction of a single, simple and generous” tax allowance, as well as investment in new seismic surveys in under explored areas of the UKCS.

The OBR (Office for Budget Responsibility) assessed it would boost North Sea production by 15% by the end of the decade.

OGA (Oil and Gas Authority) chief executive Andy Samuel previously said the sharp decline in oil price had “magnified the very real challenges facing our industry.”

For all the latest Budget news click here.

Recommended for you

Tags

More from Energy Voice

Latest Posts