Hm Treasury
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 UKs 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
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 countrys 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.
