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The OGA welcomes the Budget announcement on transferable tax history

The Oil & Gas Authority welcomes the Chancellor of the Exchequer’s announcement at the Autumn Budget that the government intends to introduce transferable tax history to give companies buying UK oil and gas assets certainty that they will be able to obtain tax relief for decommissioning the field at the end of its life. This move underlines the government’s continued support for the oil and gas sector, building on improvements to the fiscal regime announced at previous Budgets and the £5 million funding for exploration announced in September 2017. All of this sends a clear message to investors that the UK is open for business.

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