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The UK tax response

05/16/2011
Response to a surprise tax hike on UK oil production has been swift and predictably ominous. In its 2011 budget announced in March, the government announced changes that will raise the effective tax rate on UK oil and gas production to 62-81%, depending on field age. According to the industry group Oil & Gas UK, the move raised the average tax rate on North Sea profits to 68% from 58%. The government further said it would cap tax relief for expenses incurred in decommissioning offshore facilities.As a brazen raid on one industry's wealth, the move is comparable to a push in the US to extract billions of dollars from the oil and gas industry through increased taxation. It has shaken th...
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