Published 31 July 2023
Last updated 22 November 2023 — See all updates
Oil and Gas Fiscal Review
- Outcome and summary of responses
Detail of outcome
This document sets out the final outcomes of the Oil and Gas
Fiscal Regime Review and a summary of responses from the Call for
Evidence. The government is committed to supporting the oil and
gas sector given its significant contribution to the UK’s public
finances, role in supporting our energy security, contribution to
the economy and the hundreds of thousands of jobs that rely on
the sector across the country. The fiscal review confirms policy
decisions and principles for future tax policy making, including:
-
supporting investment through predictability over the future
tax treatment of price shocks and maintaining the existing
set of investment incentives whilst also confirming the EPL
will end no later than 31 March 2028
-
outlining support for and conclusions about the energy
transition and decarbonisation
-
highlighting continued engagement on suggestions for
simplifying the tax regime.
Original call for evidence
Summary
A call for evidence on the long term oil and gas fiscal regime.
This call for evidence ran from
9am on 31 July 2023 to 11:59pm on 11 September
2023
Call for evidence description
In June 2023 the government published a terms of reference for
the oil and gas fiscal regime review and committed to engaging
with interested stakeholders as part of this review. The terms of
reference confirmed that the review would focus on how the fiscal
regime can support the country’s energy security while also
realising our net-zero commitments in the medium and long term.
This call for evidence seeks views on the evolving context of oil
and gas production and how the design of the long term fiscal
regime has an impact on the activity of the sector.
Please
respond on Smart Survey.
Documents
Oil and Gas Fiscal Regime
Review: Call for Evidence
