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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\u2019s existing carbon reduction commitments.<\/p>
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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>
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/671187/Updated_energy_and_emissions_projections_2017.pdf<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4320", "label" : {"_value" : "Biography information for Robert Jenrick"} } , "answeringMemberConstituency" : {"_value" : "Newark"} , "answeringMemberPrinted" : {"_value" : "Robert Jenrick"} , "dateOfAnswer" : {"_value" : "2018-01-22", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-01-22T15:53:39.957Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "CaTreasury"} , "date" : {"_value" : "2018-01-17", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "North Sea Oil: Tax Allowances"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the tax cuts for North Sea Oil companies in Autumn Budget 2017 on the UK's carbon reduction commitments.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4124", "label" : {"_value" : "Biography information for Chi Onwurah"} } , "tablingMemberConstituency" : {"_value" : "Newcastle upon Tyne Central"} , "tablingMemberPrinted" : [{"_value" : "Chi Onwurah"} ], "uin" : "123541"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }