New Oil Allowance Is a Slick Move to Encourage Field Production
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Summary
OIL companies welcomed new tax allowances that will bring North Sea fields into production more quickly - a big boost to a sector which has been hard hit by lower crude prices.
A new 'field allowance' of Pounds 75m for smaller fields is accompanied by an Pounds 800m allowance for fields with heavy oil - which commands a lower price. Effectively it will cut the tax companies pay from 50pc to 30pc.See the full content of this document
Extract
New Oil Allowance Is a Slick Move to Encourage Field Production
The Budget also relieved capital gains tax on sales of...
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