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<p>At the Autumn Budget, the government announced it would introduce a transferable
tax history for UK exploration and production companies. This is not a tax cut: it
is designed to level the playing field between companies established in the sector
and new entrants. It will do this by giving those new entrants certainty that tax
relief will be available on their decommissioning costs. This measure is consistent
with the UK’s existing carbon reduction commitments.</p><p> </p><p>The government
is committed to tackling climate change and is a world leader in reducing emissions,
having done so faster than any other G7 nation. The latest Energy and Emissions Projections
Report shows that the UK remains on track to meet its carbon reduction targets. The
Report is available here:</p><p> </p><p>https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/671187/Updated_energy_and_emissions_projections_2017.pdf</p>
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