2019 a year of ‘scrutiny’ for decommissioning sector, and it isn’t a one-off
A UK Government official said yesterday that 2019 was a “year of scrutiny” for the offshore oil and gas decommissioning industry - and it was not a “one-off”.
tax
Labour accused of ‘taxing Aberdeen’ after committing to £11bn oil and gas charge
Jeremy Corbyn has been accused of endangering the future of the oil and gas industry and imposing a “tax on Aberdeen” after Labour unveiled plans to charge the sector £11billion to “pay the cost of the climate emergency”.
Labour’s windfall tax on oil a bad call
I’m hopping mad at Labour’s £11billion windfall tax on the oil and gas industry proposal in its manifesto.
OECD’s revolutionary tax changes could impact oil firms
The OECD’s 2019 workplan on addressing the tax challenges of the digitalised economy looks set to be a major overhaul of the international taxation system.
Awilco challenges £7.7m tax bill from HMRC
Rig contractor Awilco Drilling said today that it had appealed against the UK taxman’s decision to slap it with a £7.7 million bill.
Busting the decommissioning tax myths
Decommissioning remains a big consideration for any investor in the UKCS and, indeed, anyone divesting their interests. This is especially the case where the interests in licences which are changing hands are mature assets with a significant number of wells and attendant infrastructure.
Relief from R&D costs
The development of innovative technology solutions has never been more crucial to the oil and gas industry than it is right now.
Shell sued by Australian tax office over Browse stake, report says
Royal Dutch Shell Plc has been sued by Australia’s tax authority as the agency pursues multinational companies over tax avoidance, the Guardian reported.
HMRC issues apology for delays to tax relief claims
HMRC has apologised for taking up to seven months to process R&D tax relief claims which was alleged to be preventing some UK companies from progressing.
IR35: An ‘attack’ on self-employment
In 1999, the Revenue decided to change the contracting landscape with the introduction of IR35, an anti-avoidance tax legislation. The legislation originally imposed a series of tests to verify whether the worker could be classified as self-employed or not. Qualifying questions included “could they replace themselves if they were unable to go to work”, and “how many companies do they contract with each year” in order to establish their true status.
Energy industry must get ready for IR35 reforms
In April 2020 the Government’s IR35 payroll reforms will come into effect in the private sector, putting the responsibility firmly on larger employers for PAYE and NICs in respect of contractors engaged via an intermediary.
Weighing up the post-Brexit international tax implications
The ambiguity surrounding Brexit is an issue that is affecting many businesses in a variety of ways, and the international tax implications of Brexit should also be considered.
McDonnell pledges his help for industry
Shadow Chancellor John McDonnell yesterday said he would produce a tax regime that supports the oil and gas industry if Labour wins power at a general election.
McDonnell pledges help for industry
Shadow Chancellor John McDonnell yesterday said he would produce a tax regime that supports the oil and gas industry if Labour wins power at a general election.
Stable tax measures are welcomed by oil industry
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
OPINION: Making tax digital
Harnessing the power of digital for business growth needs to be adopted across the whole of your business in order to grow. That holistic approach needs to start somewhere; could that starting point be your tax function?
OPINION: R&D tax relief can fuel growth in renewables
The UK’s renewable energy sector continues to adjust to the post-subsidy environment. The ending of onshore wind farm subsidies in 2016 and the closure of the renewables obligation (RO) mechanism for new solar capacity a year earlier has significantly affected financing within the sector. Earlier this year it was reported that investment into these areas of renewable energy fell by 56 per cent in 2017.
North Sea oil to bring in £1billion in tax this financial year, says Oil and Gas UK
North Sea oil will bring in £1billion in tax to the UK government this financial year, according to Oil and Gas UK.
Trump tax plan a $190billion boost to US oil, study finds
When President Donald Trump gave his State of the Union address Tuesday night, he touted the sweeping U.S. tax overhaul approved by Congress last month. For the country’s oil explorers, the law should mean an almost $200 billion boost in asset values, one consultant says.
£164m tax raid on high earners, but cuts for rest
Scots are facing a double-whammy raid on their wallets after the draft budget proposed income tax rises for higher earners and paved the way for more council tax hikes.
Budget: Tax history reform a ‘positive step forward’, Shell says
Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
People earning over £70k could pay more tax under Labour, McDonnel hints
People earning more than £70,000 a year could face being asked to pay more tax under a Labour government, shadow chancellor John McDonnell has hinted.
Look again at North Sea oil tax, urges SNP
The SNP will this week call on the UK Government to consider how the tax regime could be changed to increase competitiveness in the oil and gas industry.
UK Govt launch discussion paper on possible tax relief for late lift North Sea assets
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
Norway buries oil-tax incentives as crude crisis fades
Norway’s government won’t propose any tax incentives for oil companies to boost recovery at aging fields and marginal offshore discoveries before parliamentary elections later this year.