Mounting pressures from low oil prices, a period of significant cost inflation and a high-tax regime had led UK oil and gas industry experts to express serious fears over the future viability of the sector. Finance Act 2015 sees the introduction of a package of measures intended to support the ailing industry. Key changes include a reduction in supplementary charge from 32% to 20% from 1 January 2015, a reduction in petroleum revenue tax from 50% to 35% from 1 January 2016, and the introduction of an investment allowance from 1 April 2015.
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