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Industry welcomes UK North Sea tax review

The government has launched a 12 week consultation period on oil and gas tax rates

The energy industry has welcomed a review into UK oil and gas tax rates as part of a drive to boost investment in the North Sea. On 14 July the UK government launched a 12-week consultation period on North Sea tax rates. The aim was to seek evidence from the industry into how overhauling the UK tax regime can help to maximise recovery rates and profits from the UK Continental Shelf (UKCS). “This review offers the opportunity to put the fiscal regime on the best footing to ensure that the economic potential of the North Sea can be maximised for the UK and Scotland,” Danny Alexander, chief security to the UK’s treasury, said. “The broad and diverse UK tax base means we are able to support the

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