Chancellor Jeremy Hunt will announce the next UK budget on March 6, giving the governing Conservatives what’s likely their last opportunity to announce giveaways before a general election.
Meanwhile capital allowances on investments — a form of tax relief designed to ease upfront costs — will remain in place, in a boon to renewables developers.
Harbour Energy (LON: HBR) has struck out at Jeremy Hunt's new Budget, saying that the decision to keep windfall tax if commodity rates return to normal levels is "deeply disappointing".
Chancellor Jeremy Hunt has been criticised for his U-turn in abolishing IR35 reforms, and today's "budget doesn’t help matters", according to one specialist.
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
Business leaders, including former Liberal Democrat leader Sir Vince Cable, have welcomed a £30million-plus Budget package for the Aberdeen energy sector.
With just hours until the Chancellor’s Budget, the RMT Union has called for creation of a £220million annual “Just Transition Fund” for offshore workers.
The Office for Budget Responsibility (OBR) has cut its forecast for North Sea oil tax receipts to the UK Treasury.
Rishi Sunak has cancelled this year's Budget and will instead prioritise protecting millions of jobs in sectors hit by the latest Government guidance on Covid-19.
Any lingering hopes of a reprieve for North Sea oil workers from an unpopular tax reform were dashed by the Chancellor today.
Nigeria may have to adjust its budget this year after fears of coronavirus pandemic dragged the price of crude under the target set in its 2020 spending plan.
A new report has lowered forecasts for UK oil and gas revenues by an average of £600million per year to 2024.
Finance Secretary Derek Mackay has pledged to support apprentices by allocating more than £200million to enhance their skills and development.
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
The Chancellor is unlikely to spring any nasty surprises on the UK oil and gas industry in next week’s Budget, a tax expert has said.
Philip Hammond has warned that the UK economy will have to strike out in a “different direction” if the Government is unable to agree a Brexit deal with Brussels.
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
Saudi Arabia released its second budget since unveiling proposals to reduce the kingdom’s dependence on oil. Here economists comment on the numbers, prospects for crude prices and the direction of government policy.
Nicola Sturgeon has said investing in innovation to increase productivity will be a key focus of the Scottish Budget.
A bid to open the Arctic National Wildlife Refuge to oil drilling faces a hold up over an arcane budget rule, a development that may mean it can’t be included in the tax overhaul legislation.
The SNP has issued a series of further demands to the UK Treasury to help revitalise the oil and gas sector – claiming the Budget measures “fall short” of the action required.
As the dust settles on the first Autumn Budget for over two decades, one might reasonably conclude it was, outside of the oil and gas sector, a bit of an anti-climax.
KPMG has said that ground-breaking new oil and gas tax rules would create a "level playing field" for North Sea investors.
A ground-breaking new tax break for the oil sector will revitalise the North Sea and pave the way for a flurry of deals, industry experts said yesterday.
Oil and Gas UK (OGUK) has welcomed the government's decision to introduce transferable tax history for the oil and gas sector.