Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. 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
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter