The British finance ministry has confirmed tax breaks on indigenous onshore oil and gas exploitation, including shale gas, to put “downward pressure” on wholesale prices and increase the UK’s security of energy supply.
The measure, announced in July, took effect on Thursday. It cuts tax payable on a portion of a company’s profits from 62% to 30%. Firms will receive an allowance equal to 75% of capital spent on shale gas projects.
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