The Treasury has launched a call for evidence on the evolving context of oil and gas production and how the design of the tax regime affects activity in the sector. The review will consider the effectiveness (or otherwise) of the existing fiscal regime in supporting investment decisions and the impact of ring-fence corporation tax, supplementary charge, petroleum revenue tax and tax reliefs and allowances on the sector. The review appears to be looking to support greater investment in UK oil and gas production while at the same time referencing the UK’s net zero targets. Separately, the Prime Minister has also confirmed that hundreds of new oil and gas licences are to be granted in the UK.
The Treasury has launched a call for evidence on the evolving context of oil and gas production and how the design of the tax regime affects activity in the sector. The review will consider the effectiveness (or otherwise) of the existing fiscal regime in supporting investment decisions and the impact of ring-fence corporation tax, supplementary charge, petroleum revenue tax and tax reliefs and allowances on the sector. The review appears to be looking to support greater investment in UK oil and gas production while at the same time referencing the UK’s net zero targets. Separately, the Prime Minister has also confirmed that hundreds of new oil and gas licences are to be granted in the UK.
