Government-industry engagement revitalizes UK tax regime after 'low-point' budget of 2011

Editor's note: This article is adapted from an October 2012 report from Oil & Gas UK, London. The UK's offshore oil and gas industry has experienced nearly 2 years of unprecedented change in the fiscal regime. Various modifications to the regime have seen the balance of risk and reward shift appreciably between government and industry for different types of investment. Submission of the national budget on Mar. 23, 2011, was a low point. Budget 2011 reaffirmed the UK oil and gas tax regime's reputation for fiscal instability—a reputation the industry had hoped was a thing of the past. The 12-percentage-point increase in the supplementary-charge rate to 32% meant that new investment was...

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