UK finance minister George Osborne has announced a package of tax cuts and investment incentives for oil and gas producers as part of the government’s annual budget on Wednesday, in the hope of reviving the UK’s flagging North Sea hydrocarbons industry. Among the measures, unveiled less than two months before the country's planned general election, is a reduction in the supplementary charge for ring fence profits from 30% to 20%, a reduction in the petroleum revenue tax for older fields from 50% to 35%, and a new investment allowance to simplify the current framework.
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