Decommissioning remains a big consideration for any investor in the UKCS and, indeed, anyone divesting their interests. This is especially the case where the interests in licences which are changing hands are mature assets with a significant number of wells and attendant infrastructure.
The development of innovative technology solutions has never been more crucial to the oil and gas industry than it is right now.
Royal Dutch Shell Plc has been sued by Australia’s tax authority as the agency pursues multinational companies over tax avoidance, the Guardian reported.
HMRC has apologised for taking up to seven months to process R&D tax relief claims which was alleged to be preventing some UK companies from progressing.
In 1999, the Revenue decided to change the contracting landscape with the introduction of IR35, an anti-avoidance tax legislation. The legislation originally imposed a series of tests to verify whether the worker could be classified as self-employed or not. Qualifying questions included “could they replace themselves if they were unable to go to work”, and “how many companies do they contract with each year” in order to establish their true status.
In April 2020 the Government’s IR35 payroll reforms will come into effect in the private sector, putting the responsibility firmly on larger employers for PAYE and NICs in respect of contractors engaged via an intermediary.
The ambiguity surrounding Brexit is an issue that is affecting many businesses in a variety of ways, and the international tax implications of Brexit should also be considered.
Shadow Chancellor John McDonnell yesterday said he would produce a tax regime that supports the oil and gas industry if Labour wins power at a general election.
Shadow Chancellor John McDonnell yesterday said he would produce a tax regime that supports the oil and gas industry if Labour wins power at a general election.
The oil and gas industry welcomed the chancellor’s announcement on stable tax measures and plans to make Scotland a “global decommissioning hub”.
Harnessing the power of digital for business growth needs to be adopted across the whole of your business in order to grow. That holistic approach needs to start somewhere; could that starting point be your tax function?
The UK’s renewable energy sector continues to adjust to the post-subsidy environment. The ending of onshore wind farm subsidies in 2016 and the closure of the renewables obligation (RO) mechanism for new solar capacity a year earlier has significantly affected financing within the sector. Earlier this year it was reported that investment into these areas of renewable energy fell by 56 per cent in 2017.
North Sea oil will bring in £1billion in tax to the UK government this financial year, according to Oil and Gas UK.
When President Donald Trump gave his State of the Union address Tuesday night, he touted the sweeping U.S. tax overhaul approved by Congress last month. For the country’s oil explorers, the law should mean an almost $200 billion boost in asset values, one consultant says.
Scots are facing a double-whammy raid on their wallets after the draft budget proposed income tax rises for higher earners and paved the way for more council tax hikes.
Oil major Shell said today called the decision to introduce transferable tax history for the oil and gas sector was a positive step forward.
People earning more than £70,000 a year could face being asked to pay more tax under a Labour government, shadow chancellor John McDonnell has hinted.
The SNP will this week call on the UK Government to consider how the tax regime could be changed to increase competitiveness in the oil and gas industry.
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
Norway’s government won’t propose any tax incentives for oil companies to boost recovery at aging fields and marginal offshore discoveries before parliamentary elections later this year.
U.S. President Donald Trump’s controversial 20 percent tax on imports from Mexico to pay for a border wall would come as a second gift in less than a week for Canada’s oil patch.
Suncor Energy will get a $657million payout after a Canadian tax court ruled in its favor.
Australia is targeting the oil and gas industry for a tax review.
A dip oil tax revenue has led to Norway’s first budget deficit in 20 years.
The chief executive of Oil and Gas UK said the industry is still a "major tax contributor" after a report claimed some operators had links to tax havens.