Autumn statement signals ‘big change’ for UK oil and gas decom taxation, expert says
Treasury documents released last week could spell good news for North Sea decommissioning and CCUS investment, but tax uncertainty remains.
Treasury documents released last week could spell good news for North Sea decommissioning and CCUS investment, but tax uncertainty remains.
The UK government is planning for the introduction of a new tax mechanism for North Sea oil and gas operators following the scheduled end of the windfall tax in 2028
A major investor in UK wind energy plans to take the government to court over its “smash and grab raid” on renewables generators.
Tax repayments related to losses incurred by removing North Sea assets will not be touched by the energy profits levy.
Employment experts have warned that hopes of a further IR35 delay are “fanciful”, despite months more of Covid lockdown measures coming.
The Decommissioning Relief Deed dates back to a statement by the then Chancellor of the Exchequer, George Osborne, in September 2013.
The oil and gas regulator has called on North Sea operators to listen to the supply chain if the industry wants to really improve collaboration and cut costs.