06/07/2022

Clarity, for now at least, gained from UK Treasury in regards to the impact of the Energy Profits Levy on decommissioning activity

Tax repayments related to losses incurred by removing North Sea assets will not be touched by the energy profits levy.

A senior figure at HM Treasury has confirmed decommissioning rebates will be exempt from the new 25% windfall tax, a key ask of industry.

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Photo credit: Energy Voice

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