North Sea Oil

HM Treasury written question – answered on 29th March 2017.

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Photo of Caroline Lucas Caroline Lucas Green, Brighton, Pavilion

To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.29 of Spring Budget 2017, if he will make it his policy to engage with non-industry representatives, including non-governmental organisations with expertise in environmental, energy and consumer rights issues when consulting on the formation of future North Sea oil and gas policy.

Photo of Caroline Lucas Caroline Lucas Green, Brighton, Pavilion

To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.29 of Spring Budget 2017, when he plans to publish the formal discussion paper on the allowing of transfers of tax history between buyers and sellers of North Sea oil and gas assets.

Photo of Caroline Lucas Caroline Lucas Green, Brighton, Pavilion

To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.29 of Spring Budget 2017, by what criteria members will be appointed to the new advisory panel on oil and gas tax policy; and when he plans for that new advisory panel to be established.

Photo of Jane Ellison Jane Ellison The Financial Secretary to the Treasury

The Government published the discussion paper “Tax issues for late-life oil and gas assets” on 20 March. This considers whether any changes to the oil and gas tax rules could facilitate the transfer of late life assets and support the Government’s aim of Maximising Economic Recovery from the UK’s oil and gas reserves.

The discussion paper is available here:

https://www.gov.uk/government/consultations/tax-issues-for-late-life-oil-and-gas-assets

The Government recognises the importance of engaging fully with individuals, practitioners, businesses and other organisations in considering developments in tax policy. We welcome responses from all interested parties to this document.

The Government will establish a panel of industry experts to consider the tax issues identified in the paper. It will consist of upstream oil and gas tax experts, tax practitioners and businesses with considerable experience of late-life oil and gas asset transactions.

The terms of reference for the expert panel have been published alongside the discussion paper. The panel will be established shortly.

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