FA 2015: Oil and gas measures

For much of 2013 the benchmark Brent crude oil price exceeded $100 per barrel. Nonetheless the government were sufficiently concerned about the future prospects of the UK oil and gas industry to commission Sir Ian Wood to undertake a review of UK offshore oil and gas recovery and its regulation. The review identified a number of significant challenges facing the sector and made a series of recommendations. Whilst the fiscal regime applying to UK oil and gas activity was not within the scope of that review it was still apparent that the tax system presented a barrier to investment.

The government consulted with industry during 2014 on changes...