05 Dec 2012

Autumn Statement

The Chancellor delivered his Autumn Statement this afternoon.

There were no new measures announced targeted at the UK upstream oil and gas industry.

The reduction in the mainstream CT rate to 21%, with effect from April 2014, will have no impact on the ring fence CT rate which will remain at 30% (together with SCT at 32%).

We await publication on 11 December 2012 of the draft Finance Bill, which is expected to include a number of provisions affecting the oil and gas sector, particularly with respect to decommissioning, together with the draft Decommissioning Relief Deed and a summary of the responses on the decommissioning relief consultation measures. We will be issuing a further newsletter once we have had a chance to properly consider those documents.

5 December 2012


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