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.

Budget 2014: OBR revises down North Sea oil revenues

1 comment
Budget 2014: OBR revises down North Sea oil revenues

The Office for Budget Responsibility has revised down anticipated tax receipts from North Sea oilfields by a further £8 billion over the next five years, which chancellor George Osborne said proved Scottish independence plans are based on 'precarious' finanaces.

Since the Budget in 2010, the OBR has revised down North Sea oil field tax revenues by £21 billion over the five years to 2015-2016.

Osborne said this shows 'how precarious an independent Scotland would be. Britain is better off together.'

The chancellor also said the government will take forward the proposals from the Wood Review into UK offshore oil and gas recovery and introduce a new allowance 'for ultra high pressure, high temperature oil and gas projects'. This will see company's will receive a tax exemption on profits of at least 2.5% of qualifying capital expenditure on these projects.

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 WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter