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Finance Bill 2016: Oil and gas measures

Finance Bill 2016: Oil and gas measures
Published on: 05 April 2016
Published by: LexisPSL
  • Finance Bill 2016: Oil and gas measures
  • What are the main oil and gas measures in the Finance Bill 2016?
  • Reduction in the petroleum revenue tax (PRT) rate to zero
  • Reduction in the supplementary charge (SC) rate to 10%
  • Investment, onshore and cluster allowance changes
  • What will be the likely impact of the zero-rating of PRT, and why was the tax not abolished entirely?
  • Why do the Finance Bill 2016 measures have an emphasis on decommissioning?
  • What was the rationale for the changes and how will they be received by the industry?
  • Have there been any other relevant developments?

Article summary

Tax analysis: Paul Rogerson and Stewart Norman, partners at CW Energy, along with Kate Bushell, tax manager at the firm, consider the oil and gas measures contained in the Finance Bill 2016 (formally the Finance (No 2) Bill) and their potential implications for energy lawyers or take a trial to read the full analysis.

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