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IPSE welcomes tax plans for oil industry

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The Association of Independent Professionals and the Self Employed (IPSE) has welcomed chancellor George Osborne’s plans to introduce a new tax break for North Sea producers. Osborne is expected to announce in next month’s Budget an investment allowance for North Sea explorers to increase investment to the oil and gas industry, in which IPSE says many thousands of independent professionals work. As the work in the oil and gas industry is often project based and requires specialist expertise at very short notice, IPSE explains, the industry often relies on independent professionals to provide this.

‘The chancellor’s plans to offer tax breaks for North Sea producers will go a long way to boost a hugely important industry which is dominated by contractors,’ said Simon McVicker, IPSE’s director of policy and external affairs. ‘The recent fall in oil prices has meant contactors working in this sector have been hit the hardest, suffering rate cuts, reduced hours and terminated contracts on a weekly basis. The desperately needed tax break proposals will hopefully help to boost investment for the industry and strengthen the UK’s economic growth as a result. Independent professionals have a huge part to play in enabling economic growth and any initiative which removes red tape or reduces the tax burden on businesses is to be welcomed.’

Issue: 1252
Categories: News