Home Business NewsBusiness Chancellor set to outline North Sea help

Chancellor set to outline North Sea help

by LLB Reporter
8th Mar 17 9:23 am

What will he do?

As the Budget draws closer it has been revealed that the Chancellor will use it to help the North Sea oil and gas industry. This has been confirmed by The Treasury.

Philip Hammond will look into the use of tax incentives, this is to help make it easier for operators to sell oil and gas fields, helping business stay productive for much longer.

A panel of experts will come together to examine the issue.

A discussion paper on how to help the industry will also be revealed.

The Treasury also spoke of how this move will help the industry which provides 50 per cent of the UK’s primary energy needs.

Industry body Oil and Gas UK has said more needs to be done to “facilitate the transfer of assets” to help with additional investment.

As well as this in its Business Outlook report which was published on Tuesday, Oil and Gas UK said it was “continuing to ask the Treasury to revise the tax treatment of decommissioning liability in support of this”.

Derek Mackay, the Scottish government’s finance secretary, also wrote to the Chancellor, asking for “action to improve decommissioning tax relief, ensuring that the right assets are in the right hands”.

 

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