The Editor's Perspective: UK North Sea hit by new tax, new uncertainty

05/06/2002
The worst thing about the UK government's new supplementary tax on North Sea oil and gas profits is what business people hate most: uncertainty.Imposition of the tax surprised the industry. Effects on the oldest North Sea fields are unsettled. And the motive-other than money-is unclear.In effect, the move raises the corporate tax rate for North Sea producers to 40% from 30%. Easing the blow for some is an increase in capital allowances for first-year North Sea investments. The government will consider abolishing the 12.5% royalty on production from fields approved for development before April 1982.The changes might help operators with heavy investments in new UK North Sea projects. Th...
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