The UK Government has launched a call for evidence into the long-term fiscal regime for oil and gas, which can be found here.
The call for evidence outlines the features of the existing regime, which comprises ring fence corporation tax, supplementary charge, petroleum revenue tax and energy profits levy, and highlights the various reliefs available for the high capital costs at key stages of the life cycle. The Government invites comments on a range of issues, including incentivising investment and the barriers to decarbonising production and repurposing oil and gas assets for the deployment of lower carbon technologies. Comments are also invited on improving simplicity and predictability in the regime.
The review is led by HM Treasury, working with HM Revenue & Customs, the Department for Energy Security & Net Zero and the North Sea Transition Authority. Comments are invited by 11 September 2023.