Industry lobby group sees declining government revenue in UK tax hike

08/01/2011
Mike Tholen Oil & Gas UK London The UK oil and gas industry supports hundreds of thousands of jobs across the UK, invests more than any other sector of British industry, and supplies the majority of the nation's energy needs. Yet it has found its prospects marred by a surprise tax increase. The investment climate in the mature UK North Sea will take a hit unless the government softens proposals in its 2011 budget. Photo courtesy of Oil & Gas UK. In the midst of a renaissance, earlier this year the UK Treasury announced a new top tax rate of 81% and a new lower limit of 62% on UK oil and gas production and capped companies' ability to claim tax relief for decommissioning at...
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