Huge Orsted UK wind park to benefit from Treasury tax relief
Orsted (CPH: ORSTED) will benefit from permanent tax breaks announced by UK Chancellor Jeremy Hunt in an effort to support the country’s business in the shift to clean energy.
Treasury
Electricity Generator Levy: New UK renewables projects to be exempt
Meanwhile capital allowances on investments — a form of tax relief designed to ease upfront costs — will remain in place, in a boon to renewables developers.
North Sea windfall tax raises 25% less than expected in December
The windfall tax on North Sea oil and gas producers raised nearly 25% less than expected for Treasury coffers last month.
Oil firms seek windfall tax price floor in meeting with Jeremy Hunt
Chancellor Jeremy Hunt is due to hold a meeting on Friday on the windfall tax, Energy Voice understands, with oil and gas executives seeking a price floor to the levy.
Windfall tax risks ‘destroying’ North Sea production, Tory MPs warn Chancellor
Tory MPs have told Chancellor Jeremy Hunt that the windfall tax on oil and gas companies needs to be watered down to avoid an “existential threat” to the North Sea.
Treasury becomes latest target for Just Stop Oil protestors following Jackdaw approval
Environmental campaigners have made the Treasury their latest target in response to the recent approval of a North Sea gas field.
‘Use oil and gas tax windfall to support north-east’ says Aberdeen MP Stephen Flynn
Rishi Sunak has a “moral duty” to use soaring tax revenues from North Sea oil and gas firms to boost Scotland’s energy sector, an Aberdeen MP claims.
North Sea firms paying £19m daily to UK Gov as windfall tax comments deemed ‘unwise’
North Sea oil and gas firms contributed more than £1.7 billion to the UK Government’s coffers in just 90 days, new figures have revealed.
Sunak tells Mumsnet: ‘Nothing is ever off the table’ on oil and gas windfall tax
Rishi Sunak has told the internet forum Mumsnet that “nothing is off the table” when it comes to an oil and gas windfall tax.
Treasury to encourage banks to fund North Sea oil and gas
The Treasury will meet with lenders today to encourage them to fund North Sea oil and gas.
UK govt oil revenues fall 70% as price crash and decommissioning take effect
UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
New tax rules aim to end ‘big debate’ on UK decommissioning
New changes for decommissioning tax rules will help end “areas of dispute” between the industry and UK government, according to a leading expert.
OBR forecast for UK oil tax receipts slashed 80% for 2024
The forecast for tax revenue the UK Treasury will take from oil and gas in the future has been slashed by the Office for Budget Responsibility (OBR).
‘Wing it with a few press releases’: Claire O’Neill slams UK Govt’s ‘cavalier attitude’ to COP26
Former UK energy minister Claire O’Neill has slammed the government’s “cavalier attitude” and in-fighting in the lead up to the COP26 climate summit in Glasgow.
Shell gets UK tax refund, but pays over $1billion in nearby Norway
Shell paid billions of dollars in tax in 2019 to governments around the world. But in four countries, the energy giant got money back.
House of Lords calls for ‘complete rethink’ of ‘flawed and unfair’ IR35 legislation
A House of Lords committee has called on the government to “completely rethink” a controversial tax reform which will have sweeping implications for North Sea contractors.
IR35: Lords investigation told ‘people don’t know where they stand’
A House of Lords investigation into upcoming IR35 reforms has been told that additional guidance is needed on employment definitions in the UK.
Government launches review of controversial IR35 tax rules
A government review has been launched into new tax rules expected to hit thousands of contractors across the oil and gas industry.
Treasury ‘committed’ to April IR35 changes despite election and delayed budget
The Treasury has said it “remains committed” to changes to contractor pay rules by April, despite a delayed budget and the upcoming general election.
Thousands back campaign to stop IR35 contractor pay changes
More than 16,000 people have backed a campaign to stop changes to contractor pay rules which will widely impact the North Sea energy sector.
Exclusive: Treasury paying £400m decommissioning relief to Japanese giant Mitsubishi
The UK Government has agreed to pay up to £400million in oil and gas decommissioning relief to one of Japan’s largest trading companies.
Treasury ‘reaffirms commitment’ to North Sea
The UK Treasury has “reaffirmed” the UK government’s commitment to the North Sea in a visit to Aberdeen yesterday.
North Sea tax breaks unlikely to be targeted in next Budget
The Treasury is unlikely to reverse North Sea tax breaks in the upcoming Budget amid industry warnings it could cause “irreversible damage”, it emerged last night.
£145million customs charges for offshore sector pushed back by a year
Customs charges for the offshore industry worth up to £145million which were set for to start in July have been pushed back by nearly a year.
Updated: Treasury minister says ‘no room for complacency’ as North Sea recovery continues
A UK Treasury minister has called for North Sea industry to seize the opportunity to become a pioneer in offshore decommissioning.