George Osborne reveals new North Sea oil tax breaks

The tax allowance will shield up to ?250m of income from some projects in brown field sites, he said. That figure rises to ?500m for projects in fields paying the petroleum revenue tax.

The Chancellor said in a statement: ?Today?s tax allowance is more good news for the North Sea, good news for jobs and good news for the broader economy. It will give companies the incentive to get the most out of older fields, creating jobs and delivering more revenue for taxpayers."

He hopes the savings generated by the tax break will encourage firms to invest more in older oil fields in the North Sea, which he called "a huge national asset".

There will be an initial upfront charge for the intial cost of the allowance, the government said, but it believes the long-term tax revenues this generates will "significantly outweigh" this. Initial estimates but the charge around ?100m.

In July, the Chancellor pledged hundreds of millions of pounds of tax breaks to encourage more drilling for gas off the coast of the UK. Hours after that announcement, British Gas owner Centrica pledged to plough ?1.4bn into developing its Cygnus gas field in the North Sea.

It has also introduced tax relief on decommissioning rigs and the introduction or extension of allowances for small fields.

Source: http://telegraph.feedsportal.com/c/32726/f/579328/s/232b0bf2/l/0L0Stelegraph0O0Cfinance0Cnewsbysector0Cenergy0Coilandgas0C95274640CGeorge0EOsborne0Ereveals0Enew0ENorth0ESea0Eoil0Etax0Ebreaks0Bhtml/story01.htm

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