BusinessCompany NewsNorth sea tax blasted

North sea tax blasted

Marie-Louise Clayton,FD of oil company Venture Production, criticises the government for a 'lack of strategic thinking' over its tax increase on North Sea oil

The FTSE 250 FD said that when Gordon Brown levied an additional 10% tax
charge on North Sea oil in last year’s pre-Budget report, he neglected the
importance of encouraging investment in the North Sea.

‘I think that it is just bad policy making,’ Clayton told Accountancy Age.
‘It suggests a lack of strategic thinking in terms of maximising this huge
resource that the UK still has. That is what disappoints me more than anything
else.’

Clayton said the tax did not differentiate between investors and harvesters
of oil in the North Sea. ‘I am annoyed from a UK plc perspective that there is a
lack of recognition of the importance of encouraging people to invest in a UK
asset employing thousands of UK people and providing energy security,’ Clayton
said.

To read the full interview with Clayton, click
here

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