CW Energy LLP

Finance Bill Update

Government amendments proposed to the supplementary charge measures, allowing profits to be allocated, for periods which straddle Budget Day 2011, on a just a reasonable basis rather than a simple time basis, which were set out our in an earlier CW Energy news brief, were passed following the first sitting of the committee stage of the Bill before the whole House early this morning.

A number of amendments from Aberdeen based Liberal Democrat MPs, who were concerned about the impact of the Budget changes on investment, were withdrawn following the debate.

A Labour amendment requiring the Government to produce a report by the end of September this year, to assess the impact of the ring fence tax regime on oil and gas investment in the UK, was voted on but rejected.

4th May 2011