Orsted (CPH: ORSTED) will benefit from permanent tax breaks announced by UK Chancellor Jeremy Hunt in an effort to support the country’s business in the shift to clean energy.
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.
The windfall tax on North Sea oil and gas producers raised nearly 25% less than expected for Treasury coffers last month.
Chancellor Jeremy Hunt is due to hold a meeting on Friday on the windfall tax, Energy Voice understands, with oil and gas executives seeking a price floor to the levy.
Tory MPs have told Chancellor Jeremy Hunt that the windfall tax on oil and gas companies needs to be watered down to avoid an “existential threat” to the North Sea.
Environmental campaigners have made the Treasury their latest target in response to the recent approval of a North Sea gas field.
Rishi Sunak has a “moral duty” to use soaring tax revenues from North Sea oil and gas firms to boost Scotland’s energy sector, an Aberdeen MP claims.
North Sea oil and gas firms contributed more than £1.7 billion to the UK Government’s coffers in just 90 days, new figures have revealed.
Rishi Sunak has told the internet forum Mumsnet that “nothing is off the table” when it comes to an oil and gas windfall tax.
The Treasury will meet with lenders today to encourage them to fund North Sea oil and gas.
UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
The forecast for tax revenue the UK Treasury will take from oil and gas in the future has been slashed by the Office for Budget Responsibility (OBR).
Former UK energy minister Claire O’Neill has slammed the government’s “cavalier attitude” and in-fighting in the lead up to the COP26 climate summit in Glasgow.
Shell paid billions of dollars in tax in 2019 to governments around the world. But in four countries, the energy giant got money back.
A House of Lords committee has called on the government to “completely rethink” a controversial tax reform which will have sweeping implications for North Sea contractors.
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
A government review has been launched into new tax rules expected to hit thousands of contractors across the oil and gas industry.
The Treasury has said it “remains committed” to changes to contractor pay rules by April, despite a delayed budget and the upcoming general election.
More than 16,000 people have backed a campaign to stop changes to contractor pay rules which will widely impact the North Sea energy sector.
The UK Government has agreed to pay up to £400million in oil and gas decommissioning relief to one of Japan’s largest trading companies.
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
The Treasury is unlikely to reverse North Sea tax breaks in the upcoming Budget amid industry warnings it could cause “irreversible damage”, it emerged last night.
Customs charges for the offshore industry worth up to £145million which were set for to start in July have been pushed back by nearly a year.
A UK Treasury minister has called for North Sea industry to seize the opportunity to become a pioneer in offshore decommissioning.