New oil and gas fields could be exempt from windfall tax

THE GOVERNMENT IS likely to exempt new North Sea oil and gas fields from its windfall tax on the industry, reports have suggested.

The Times reports that Treasury officials are in discussions with companies about how to ensure that new fields will still be developed.

The industry has warned that tax revenues will go down and the UK will be increasingly dependent on imported fuel. The French energy company Total said the Treasury was considering offering exemptions from the tax to gas producers because on the lower profits made on gas, The Times said.

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