Grant Thornton has accused the government of targeting the ‘deep pockets’ of
oil companies following bumper profits after raising the supplementary tax on
North Sea oil profits from 10% to 20% in the pre-Budget report.
Stephen Quest, tax partner at Grant Thornton said: ‘The Exchequer predicts
this higher level of tax will lead to an extra £2.2bn. This is more punitive
than a one-off windfall tax. As it constitutes a structural change, it will
affect the whole industry going forward regardless of the price of a barrel of
oil and investment is likely to be hit. The oil companies are likely to take a
dim view of this change.’
The firm also said the chancellor’s proposals for a planning gains supplement
would ‘stifle development’.
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