Oh don't be cheap crude

[vetran]

Now Scotland wants tax breaks to bail out struggling oil industry | Daily Mail Online

so Alex anything to say?

[AtW]

Now Scotland wants tax breaks to bail out struggling oil industry | Daily Mail Online so Alex anything to say?

Their corp tax on oil is currently at 80% (!), sounds reasonable that it is lowered at the times when oil is much cheaper than before - they won't be reporting many profits for some time anyway.

[Batcher]

Are you saying you believe a story in the Daily Fail?

The tax is set by Westminster. It went up from 20% to 32% then only recently reduced to 30%. It has to be Westminster that reduces it as it's their responsibility.

Shame about the jobs but BP were one of those firms who said there would be job cuts if Scotland went independent. So much for being "Better Together"

[AtW]

The tax is set by Westminster. It went up from 20% to 32% then only recently reduced to 30%. It has to be Westminster that reduces it as it's their responsibility.

Marginal tax rate is 81% (!)

"The marginal tax rate is 81% (80% from 1 January 2015) on income from fields paying PRT (65% on production income if that income is wholly covered by a brown field allowance) and 62% (60% from 1 January 2015) for other fields (30% on production income from qualifying new fields if that income is wholly covered by a field allowance)."

Source: https://www.gov.uk/oil-and-gas-taxation

[Batcher]

Marginal tax rate is 81% (!)

"The marginal tax rate is 81% (80% from 1 January 2015) on income from fields paying PRT (65% on production income if that income is wholly covered by a brown field allowance) and 62% (60% from 1 January 2015) for other fields (30% on production income from qualifying new fields if that income is wholly covered by a field allowance)."

Source: https://www.gov.uk/oil-and-gas-taxation

I was talking about the rate of supplementary charge payable in respect of profits
from oil and gas production in the UK and UKCS :

https://www.gov.uk/government/upload.../TIIN_8129.pdf

[AtW]

I was talking about the rate of supplementary charge payable in respect of profits
from oil and gas production in the UK and UKCS :

https://www.gov.uk/government/upload.../TIIN_8129.pdf

Either way it's not standard corp tax used for every other company.

If Chancellor wants to charge higher rate of tax when times are good, then he should be charging lower rate of when times are bad.