PRESS RELEASE – FOR IMMEDIATE RELEASE
Quo Vadis – Budget 2015: a further step in the right direction
Hannon Westwood welcomes the changes to the North Sea tax regime announced by the Chancellor on Wednesday, aimed at stimulating and prolonging investment in the UKCS. Significant and positive steps have been taken to relieve the overall tax burden and this will assist with counterbalancing the effects of the recent collapse in oil price and consequent job losses in the industry.
The key measures are: a ten percentage cut in the supplementary charge, effective from 1 January 2015 – a decrease from 30% to 20%, following a 2% cut implemented in the 2014 Autumn Statement; a cut in the rate of petroleum revenue tax (PRT) from 50% to 35% for PRT-paying fields as of 2016; a new UK Continental Shelf Investment Allowance aimed at simplifying the existing system of complex offshore field allowances. The new allowance will exempt a portion of profits equal to 62.5% of a company’s qualifying investment expenditure from the Supplementary Charge. It will be available for projects in new and existing fields, and will apply to investment expenditure incurred on or after 1 April 2015.
EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
