What will the Budget mean for the Oil and Gas Industry?
Posted on: 17/03/2015

The budget is just around the corner and all involved with the oil and gas sector (including our team at Blueprint) are curious about how the government will respond to increasing pressure for tax cuts for the industry.

At current the rate stands at around 30% corporation tax and an additional 30% “supplementary tax”, whereas for older fields companies can be taxed up to 80%. Stakeholders have complained that these high taxations are strongly discouraging much needed investment during the hard times recently faced by the industry.

Many feel that the budget may see a fall in these taxations with Danny Alexander, chief secretary to the treasury stating: “we’ve been very clear that the direction of travel for tax in the North Sea needs to be downwards.

“And that needs to be even stronger given the low oil price we see at the moment. We want people to have the confidence to invest for the long term future of the North Sea.

“And so George Osborne and I have been listening very carefully to what the industry has been saying.

“People will have to wait and see what we say on Wednesday (Budget Day), but I hope very much that it will give the North Sea the confidence that we all want to see for one of Britain’s most important industries.”

Hundreds of thousands of people are employed by the oil and gas sector and this does not include the substantial number of stakeholders that exist within the UK alone. It is known that the oil and gas industry has faced a turbulent time this year, but it is hoped that whatever decision is made in the budget that confidence can return to the sector.

For up to date news articles relating to the oil and gas industry please follow us on twitter @BlueprintOnG

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