Brown Field Allowance
The confidence of Britain’s oil and gas industry is increasing steadily, which could be down to the tax changes announced by the Government last year. Oil & Gas UK, the trade body for the UK offshore industry, revealed the sector scored 60 out of 100 in the final quarter of 2012 in its ‘Business Confidence […]
Chancellor George Osborne today announced a new tax measure to support investment in the North Sea. The ‘Brown Field Allowance’ in older oil and gas fields is expected to save up to £500 million for some projects, potentially cutting companies’ tax bill by £160 million. The Chancellor said he hopes the savings generated by the […]