UK budget offers decommissioning tax relief

03/26/2012
The UK government has offered oil and gas operators a measure of certainty about the ability to recover costs of decommissioning production platforms and related offshore facilities. In his speech on the government's 2012 budget, Chancellor George Osborne said, "We will end the uncertainty over decommissioning tax relief that has hung over the industry for years by entering into a contractual approach." Budget documents submitted by Osborne said the government will submit legislation outlining the decommissioning approach and "extending the amount and scope of the existing small-field allowance, introducing a new-field allowance targeted at the West of Shetland area, and in...
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