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<p>The government understands the challenges currently facing the UK oil and gas industry
and is following developments in the North Sea closely.</p><p> </p><p>The Investment
Allowance rewards companies investing in the long-term future of the basin – at all
stages of the investment life cycle – and we would expect it to significantly reduce
the effective tax rate for companies investing in the UK Continental Shelf.</p><p>
</p><p> </p><p> </p><p>Work on the design of the new Investment Allowance has been
progressing rapidly since December - the government published a consultation document
on its proposals on 22 January.</p><p> </p><p> </p><p> </p><p>The government recognises
the importance of the industry to local economies and as an employer. The report published
by the Department for Business, Innovation and Skills, in partnership with Oil and
Gas UK and OPITO (the Offshore Petroleum Industry Training Organisation) in December,
“Fuelling the next generation: A study of the UK upstream oil and gas workforce” highlighted
both the sector’s current contribution to employment and its future potential. The
government will continue to work closely with industry through the Oil and Gas Industry
Council and with the newly-formed Scottish Energy Jobs Taskforce to support jobs in
the sector, develop the industry’s skills base and make sure this potential is realised.</p><p>
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