Peter Aldous calls for Chancellor's Autumn Statement to address tax issues affecting investment in oil and gas sector

8th November 2016
Peter Aldous highlights the importance of the oil and gas industry to East Anglia and calls on the Government to use the Autumn Statement to address significant tax issues which are causing problems for new investors.

My right hon. Friend is quite right to address the importance of the oil and gas industry to Scotland, and it is also important to East Anglia. In the North sea, there are significant tax issues, which are making it harder to transfer some assets to new investors due to their near-term exposure to decommissioning. Will he liaise with his colleagues in the Treasury to come forward with proposals in the autumn statement to remove this constraint to much-needed investment?

My hon. Friend will recognise that, over recent years, there has been considerable progress and agreement between the sector and the Treasury to ensure that we have the best possible tax regime for the UK continental shelf. That will continue, and we will make sure that the regime remains competitive.

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