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Budget 2014: OBR revises down North Sea oil revenues

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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.

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