U.K. PLANS BIG CHANGES IN TAXES ON OIL AND GAS

Norman Lamont, British chancellor of the exchequer, has surprised U.K. oil and gas producers with major reforms to the U.K. petroleum tax regime. The petroleum revenue tax (PRT) on existing fields is to fall to 50% from 75% July 1, while new fields will be liable only for standard corporation tax at 33%. However, exploration and appraisal allowances will be scrapped.

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