Osborne Proposes Tax Allowance for Generating Investments in North Sea

Osborne Proposes Tax Allowance for Generating Investments in North Sea

Chancellor George Osborne yesterday declared a few measures, which are being believed to help generate the investment required for the North Sea. Mr. Osborne suggested tax measures which would help fetch an extra £2 billion.

Previous year, UK government flagged off concerns over sharp increase in the taxes paid by oil firms to exploit oil fields. Following which, it has been unveiled that these oil companies will no longer have to pay taxes for taking oil and gas from older fields.

As per the recent measures, oil companies will not be paying full duty for exploiting older fields. Mr. Osbourne said, "The new Brown Field Allowance will shield up to £500 million of income from the charge when firms are boosting production from established fields, potentially cutting their tax bill by £160m".

However, the step will definitely affect the Exchequer, costing it around £100m per year initially. However, the officials are sure that after some time, the tax revenues collected will help balance the situation.

On the other hand, Mr. Osborne asserted that the move will turn out to be beneficial not only for the North Sea, but will also be a major step forward towards a better economy and also provide people with job opportunities.


FrenchTribune Specials

Windows 10 Anniversary Update will add two advanced security capabilities

The forthcoming Anniversary Update of Microsoft Woindows10 OS will bring along the addition of several new features, including advanced security capabilities which will enable IT managers to more effectively lock down the computers in their organization.

The two new advanced security capabilities which are being added to Windows 10 OS as...

Exxon reports 46% decline in First Quarter earning

On Thursday, Exxon reported a 46% decline in earnings in the first quarter, by earning $4.9 billion compared with $9.1 billion in the same quarter a year ago. Exxon's top and bottom lines declined due to lower oil prices.

It was the...

Most Popular

Study finds no link between IVF and risk of breast cancer

A new study claimed that women who undergo in-vitro...

Nvidia unveils its latest flagship graphics card --- Titan X

Chip maker Nvidia has unveiled its newest flagship...

Nail biting and thumb-sucking might be healthy for children

To all those parents who have tough time in making their...

Facebook Messenger app grows to more than 1 billion users

On Wednesday, social network Facebook announced that its...

Poll

Can Greece Come out of Economic Problems: