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Chancellor's tax break for older North Sea oil/gas fields
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pcernie
Legend
Joined: Sun Apr 26, 2009 12:30 pm Posts: 45931 Location: Belfast
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_________________Plain English advice on everything money, purchase and service related:
http://www.moneysavingexpert.com/
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Sun Sep 09, 2012 5:35 pm |
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jonbwfc
What's a life?
Joined: Thu Apr 23, 2009 7:26 pm Posts: 17040
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It's not a tax break for oilfields, it's a tax break for the multinational corporations that run the oil fields. There's a bit of a difference.
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Sun Sep 09, 2012 7:29 pm |
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MrStevenRogers
Spends far too much time on here
Joined: Fri Apr 24, 2009 9:44 pm Posts: 4860
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President Obama is stopping tax breaks for BIG business (overseas) but increasing tax breaks for middle/lower class workers and for new start ups within the USA, bringing jobs back instead of being 'out sourced' hum ... i see a fundamental change in thinking here
lessons we will have to learn ...
_________________ Hope this helps . . . Steve ...
Nothing known travels faster than light, except bad news ... HP Pavilion 24" AiO. Ryzen7u. 32GB/1TB M2. Windows 11 Home ...
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Sun Sep 09, 2012 8:58 pm |
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ShockWaffle
Doesn't have much of a life
Joined: Sat Apr 25, 2009 6:50 am Posts: 1911
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This is a tax break to encourage capital investment in oil fields that are near exhaustion and are otherwise dubious investments. Every barrel you sell goes for the same price, but the costs of extraction can vary widely, so the government is reducing the cost of extraction in fields where otherwise it is liable to rise to a level where investment is risky.
It makes perfect sense, and I would expect any other chancellor to do exactly the same thing irrespective of party.
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Mon Sep 10, 2012 8:16 am |
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