Chancellor George Osborne has confirmed that he will cut taxes for the North Sea oil and gas industry.

In his Autumn Statement to MPs, he said the supplementary charge would be reduced from 32% to 30%.

Mr Osborne also promised new allowance for clusters of reserves, and longer period for tax allowances.

“This demonstrates our commitment to the tens of thousands of jobs in this great industry,” he said.

Full details will be announced by Chief Treasury Secretary Danny Alexander in Aberdeen tomorrow.

The announcement follows repeated calls for action from the offshore industry, with firms struggling with higher costs and falling world prices.

https://www.energyvoice.com/oilandgas/70049/autumn-statement-tax-cut-north-sea-oil-gas/