Accountancy experts have attacked Chancellor George Osborne’s £10billion tax grab on the North Sea industry and fear it will damage the UK’s competitiveness.
Leading tax organisations have told an influential Westminster committee that the move would not support growth and criticised the UK Government for avoiding consultation with the industry.
The Treasury select committee commissioned the Chartered Institute of Taxation, the Association of Chartered Certified Accountants and the Institute of Chartered Accountants in England and Wales to report back on the impact Mr Osborne’s Budget would have on the economy.
All three organisations voiced fears about the effect of the decision to increase the offshore industry’s supplementary levy from 20% to 32% based on principles of fairness, simplicity, supporting growth and stability.
For the full story, pick up a copy of today’s Press and Journal or read our digital edition now