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800584

registered interest
date	04/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Sovereign Grant
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether any changes will be made to the Sovereign Grant due to the devolution of the Crown Estate in Scotland.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	117205
answer	answer is ministerial correction date of answer 12/12/2017 answer text <p>The UK government transferred management of Scottish Crown Estate assets to the Scottish Government in April 2017 – there will be no changes made to the Sovereign Grant as a result of this. The revenues from the Scottish assets are retained by the Scottish Government. The UK government has made a corresponding deduction to the Scottish Government’s block grant funding, equivalent to the revenues forgone from Scottish assets following the transfer. The Sovereign Grant is calculated with reference to The Crown Estate’s profits but it is paid from the Consolidated Fund, which all UK taxpayers contribute to.</p> answering member constituency Harrogate and Knaresborough answering member printed Andrew Jones question first answered 12/12/2017 17:02:35 answering member 3996 label Biography information for Andrew Jones
tabling member	4601 label Biography information for Andrew Bowie

800585

registered interest
date	04/12/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Offshore Industry: Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of transferable tax history for late-life oil and gas assets on employment in the north-east of Scotland.
tabling member constituency	West Aberdeenshire and Kincardine
tabling member printed	Andrew Bowie
uin	117206
answer	answer is ministerial correction date of answer 12/12/2017 answer text <p>At the Autumn Budget, the government announced it would introduce a Transferable Tax History for oil &amp; gas companies. This will give investors in UK oil and gas fields certainty that they will be able to get tax relief for decommissioning assets. This should encourage new investment in older oil and gas fields, keeping them producing for longer and supporting employment.</p><p> </p><p>This builds on the £2.3bn of fiscal support the government has already provided to the UK oil and gas industry, including a package of tax cuts across Budget 2015 and 2016, £40m of funding for seismic surveys to support exploration, and the introduction of a new Investment Allowance. As a result, the UK now has one of the most competitive tax regimes in the world for oil and gas, further supporting investment and jobs.</p> answering member constituency Harrogate and Knaresborough answering member printed Andrew Jones question first answered 12/12/2017 17:00:33 answering member 3996 label Biography information for Andrew Jones
tabling member	4601 label Biography information for Andrew Bowie