Tory MPs tell exchequer that windfall tax could "destroy" North Sea oil
Britain’s windfall taxation on oil and gas companies poses an ”existential threat” to the North Sea oil and gas in UK waters.
So say a group of Conservative Party members of British Parliament in a warning to fellow Tory Jeremy Hunt, chancellor of the exchequer, report several media, including The Telegraph and Energy Voice.
These MPs voice concern that the special levy will make investments unprofitable and endanger the sector because, they assert, investments could be moved to elsewhere in the world -- a point that seems to miss the fact that the taxation scheme is fitted with a mechanism triggering lower tax rates in step with larger investments in new oil and gas projects.
UK authorities have not presented any future plans for reducing or removing the windfall tax.
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