Policy & Regulation

Oil & Gas UK confident of decommissioning tax break

The British upstream body expects the UK government to introduce transferability of tax relief on decommissioning in its autumn budget The British upstream body expects the UK government to introduce transferability of tax relief on decommissioning in its autumn budget.
By Silvia Favasuli 12 September 2017 0 27536
A North Sea gas platform Engie’s Cygnus Alpha platform in the North Sea. (Polar Media)

British upstream trade body Oil & Gas UK is confident Westminster will allow the transferability of tax relief for the decommissioning of assets in the North Sea as part of the UK’s autumn budget, which is due in November.

Adam Davey, economics and market intelligence manager at Oil & Gas UK, told Interfax Natural Gas Daily he expects the government to introduce measures to allow companies to transfer their tax history on certain assets when selling them to new operators. This would allow new operators to claim...