Recruiter welcomes UK North Sea tax cuts

Offshore staff

LONDON – Recruitment specialist Fircroft has praised changes to the UK North Sea tax regime outlined last week in Chancellor George Osborne’s budget.

The tax cuts will aid the recovery of the UK’s oil and gas industry and help to secure jobs for the future, Fircroft said. Plans include the effective abolition of Petroleum Revenue Tax and a 10% reduction of the supplementary charge to 10%, backdated to Jan. 1.

This comes at a time when the International Energy Agency reports that the oil price is stabilizing and could even climb in the near future.

Fircroft CEO Johnathan Johnson described the budget changes as “a long-term move to ensure the security of jobs in an industry that has historically added around £25 billion [$36 billion] to the UK’s bottom line every year…

“This is a positive move that can help to support jobs in the North Sea industry, particularly in combination with continued price cuts, the right regulations and, of course, a return to form of the price of Brent Crude.

“We have remained confident that the industry would bounce back contrary to the views of a number of commentators who were openly questioning its future and we’re even more confident about long-term job prosperity now that the government has shown its full support.”

03/21/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...