Backing fracing: UK government lays out shale gas incentives

Darren Spalding Alastair Young Bracewell & Giuliani London The UK government has demonstrated its commitment to the establishment of a shale gas industry by announcing details of proposed tax incentives to be offered to project developers. Guidance relating to the planning process for obtaining project approvals has also been published. Both documents were released on July 19, 2013, and follow the government's statements in the 2013 budget of its determination to provide a supportive investment environment for the industry. At present, companies are subject to the "ring fence" tax regime in respect of oil and gas production in the UK. The regime comprises three taxes--ring ...

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