The cost of decommissioning offshore oil and gas infrastructure is “highly uncertain,” and there are gaps in the UK government’s understanding of the impact of tax changes in the sector, the National Audit Office said.
My news story for Tax Notes (paywall), published January 26:
U.K. Watchdog Flags Uncertainty Over Oil and Gas Tax Reliefs
The Chartered Institute of Taxation has warned that “tinkering constantly with rates and allowances in unexpected ways” undermines stability and certainty and reduces international competitiveness. Several changes to tax allowances for businesses are “quietly working their way through Parliament” in the finance bill, the CIOT noted. Taxpayers do not welcome surprise changes and find them disruptive, it said.
My news story for Tax Notes (paywall), December 8: https://www.taxnotes.com/worldwide-tax-daily/tax-policy/tinkering-uk-tax-reliefs-undermines-stability-ciot-says/2018/12/10/28nvq