Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Autumn Statement: Osborne backs shale gas industry

Autumn Statement: Osborne backs shale gas industry

George Osborne reaffirmed his support for the shale gas industry in the Autumn Statement in an effort to push down energy prices and make the UK's tax regime for the industry the most competitive in Europe.

The statement included a tax allowance, which had been under consultation, intended to give a boost to the exploitation of onshore oil and gas in the UK.

The allowance is based on offshore field allowances and will reduce the tax rate on a portion of a company's profits from 62% to 30% at current rates. Companies will receive an allowance equal to 75% of their capital spend on such projects.

When announcing the consultation in July, Osborne said: ‘We want to create the right conditions for industry to explore and unlock that potential in a way that allows communities to share in the benefits. This new tax regime, which I want to make the most generous for shale in the world, will contribute to that.’

Osborne continued: 'I want Britain to be a leader of the shale gas revolution – because it has the potential to create thousands of jobs and keep energy bills low for millions of people.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter