Supporting investment in the North Sea - draft legislation and explanatory notes

The consultation document 'Supporting investment: a consultation on the North Sea fiscal regime' was published alongside the Pre-Budget Report on 24 November 2008.

The consultation document (PDF 1.08M) can be found on the HM Treasury website.

The document reviews previous discussions and work undertaken with the oil and gas industry, and other interested stakeholders. The document also outlines a second set of proposed reforms to the fiscal regime, building on those announced at Budget 2008.

The intention is, where possible, to publish draft legislation and explanatory notes for all of the proposed changes in the period to Finance Bill 2009, to allow interested stakeholders an opportunity to comment.

HM Revenue & Customs is now publishing draft legislation (PDF 65K) and explanatory notes (PDF 150K) in relation to one of the proposed reforms. This relates to access to Petroleum Revenue Tax Relief for decommissioning costs, incurred after a company's licence interest in an oil field expires.

In due course further draft legislation for other proposed measures will also be published here.

Updates: Further draft legislation and explanatory notes

The further draft legislation and explanatory notes referred to above are published in this section:

29 January 2009