Fiscal reform of the UK Continental Shelf: consultation on an investment allowance
Seeking views on the government’s proposal for a new basin-wide investment allowance, to support investment in oil and gas projects on the UK Continental Shelf.
At Autumn Statement 2014, the government announced its intention to consult on a basin-wide investment allowance, to simplify and replace the existing system of offshore field allowances. The allowance aims to reward investment in existing and new fields as well as associated infrastructure. This paper launches the consultation which will close on 23 February 2015.
The government would like to hear from a wide range of stakeholders including individuals, companies and representative and professional bodies. HM Treasury will convene working groups over the course of the consultation with commercial, exploration, production, tax and finance experts to discuss technical issues raised in the consultation. If you would like to be a working group member please send a nomination, with your current position and organisation, using the correspondence details contained in the document.
The government will publish a summary of responses to this consultation later in the year. Legislation will be brought forward in an appropriate Finance Bill.
Read the news story.