EurOil: UK government follows through on North Sea tax hike

The new UK Labour government has followed through on its commitment to hike the tax burden on North Sea oil and gas producers, increasing the windfall levy and eliminating certain investment allowances.

UK Chancellor Rachel Reeves addressed the House of Commons last week, revealing a GBP22bn ($28bn) shortfall in the UK’s finances inherited from the Conservatives government. Following this, the Treasury released a policy paper detailing significant changes to oil and gas taxation.

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