United Kingdom Treasury Seeks Comments on Long-Term Oil, Gas Fiscal Regime

United Kingdom HM Treasury July 31 opened a consultation on the long-term oil and gas fiscal regime announced in Autumn Statement 2022. The consultation seeks feedback on: 1) the long-term future of the regime, including with respect to the petroleum revenue tax, ring fence corporation tax (RFCT), the supplementary charge (SC), and other tax relief and allowances provided under the regime; 2) how the regime’s design impacts activity in the sector; and 3) how to simplify the regime and make it more predictable and stable. The consultation doesn’t include consideration of the energy (oil and gas) profits levy (EPL), income ...