The government has announced details of a tax relief to support investment in new large shallow-water gas fields in the UK Continental Shelf. The Chancellor said at Budget 2011 that he would consider the case for introducing a new category of field allowance for marginal gas fields. The new allowance will protect £500m of income from qualifying fields from the 32% supplementary charge (SC). ‘These fields will still pay 30% ring fence corporation tax on all income from the field, in addition to SC on all income not protected by the field allowance,’ HM Treasury said.
The government has announced details of a tax relief to support investment in new large shallow-water gas fields in the UK Continental Shelf. The Chancellor said at Budget 2011 that he would consider the case for introducing a new category of field allowance for marginal gas fields. The new allowance will protect £500m of income from qualifying fields from the 32% supplementary charge (SC). ‘These fields will still pay 30% ring fence corporation tax on all income from the field, in addition to SC on all income not protected by the field allowance,’ HM Treasury said.
