To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.29 of Spring Budget 2017, when he plans to publish the formal discussion paper on the allowing of transfers of tax history between buyers and sellers of North Sea oil and gas assets.
Answered on
29 March 2017
The Government published the discussion paper “Tax issues for late-life oil and gas assets” on 20 March. This considers whether any changes to the oil and gas tax rules could facilitate the transfer of late life assets and support the Government’s aim of Maximising Economic Recovery from the UK’s oil and gas reserves.
The discussion paper is available here:
https://www.gov.uk/government/consultations/tax-issues-for-late-life-oil-and-gas-assets
The Government recognises the importance of engaging fully with individuals, practitioners, businesses and other organisations in considering developments in tax policy. We welcome responses from all interested parties to this document.
The Government will establish a panel of industry experts to consider the tax issues identified in the paper. It will consist of upstream oil and gas tax experts, tax practitioners and businesses with considerable experience of late-life oil and gas asset transactions.
The terms of reference for the expert panel have been published alongside the discussion paper. The panel will be established shortly.