The UK government has implemented a long-awaited tax measure to attract new companies and investment to the North Sea.
The country’s autumn budget, which was announced by Chancellor of the Exchequer Philip Hammond on Wednesday, has introduced a ‘transferable tax history’, which allows new operators to claim relief on decommissioning based on taxes paid over the entire life of the assets rather than just the period since they were bought.
Trade association Oil & Gas UK has welcomed the measure as a “vital step”...
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