Pre-Budget Report 2009 - Darling increases scope of tax relief for Oil & Gas sector
"Today's announcements were generally good news for the UK Oil & Gas industry".
Wednesday, 9 December 2009
Derrick Parkes, KPMG's head of oil and gas tax, said :
"Today's announcements were generally good news for the UK Oil & Gas industry. It will be grateful for the increased scope of the field allowance for high pressure, high temperature fields - previously the relief only benefited one field development; and for decommissioned fields.
"The revisions dealing with shortcomings in the capital gains re-investment and licence swap reliefs will also be welcome by the industry.
"The Chancellor also indicated there will be discussions with the industry on infrastructure economics in the deep west of Shetland waters and the taxation of decommissioning trusts".
Ends
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About KPMG: KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with 11,500 partners and staff. The UK firm recorded a turnover of €2.2 billion in the year ended September 2008. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 148 countries and have more than 113,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.