UK plans tax break for high pressure fields

摘要

London—The UK the government will introduce a new tax break for developing more technicallychallenging ultra high-pressure, high-temperature (HPHT) oil and gas fields as part of measures to boost investment in the North Sea. Under the UK’s 2014 Budget plans announced Wednesday by finance minister George Osborne, an allowance will exempt a portion of a company’s profits from the existing supplementary tax charge on North Sea production.