Repairing UK taxation

When taxes increase on the rewards of work, the taxed work less. When taxes decrease on the rewards of work, the taxed work more. The UK government raised taxes on the rewards of offshore work in 2011, and—sure enough—offshore work declined. Since then, the government has eased taxation of offshore work. Can anyone guess what's happening with work on the UK Continental Shelf? In its budget announcement of early 2011, the government raised a special oil and gas tax called the supplementary charge to 32% from 20% of production income. As a result, the tax rate on profits from new investment rose to 62%. For fields developed before 1993, the rate jumped to as high as 81%. The budget also lim...

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