Oil and gas companies have persuaded the taxman into giving them more
favourable tax terms in exchange for keeping North Sea fields running longer
Treasury announced the move yesterday, under the ‘securing a sustainable
But critics view this as a move to maintain domestic energy supplies as
opposed to it being part of a green agenda, the
The moves follow a long campaign from oil companies in particular to ease
their tax burdens.
Ministers have now proposed rules which allow oil and gas companies tax
concessions on the cost of dismantling platforms for profits made over the last
three years of a field’s life. As the fields approach the end of their supplies,
volumes and profits shrink, which in turn give an operator less to set against
The Treasury said this would likely lead to a number of cases of premature
decommissioning, which would mean less oil and gas supplies, as well as a drop
in tax revenue for the government.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals