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It is reported that Chancellor, George Osborne, plans to introduce a new tax break for North Sea producers in next month's Budget, following the loss of thousands of oil industry jobs due to falling oil prices.
The Chancellor is expected to announce an investment allowance for North Sea explorers in an attempt to increase investment to the industry, in which many thousands of independent professionals work.
The oil and gas industry relies on independent professionals as the work is often project based and requires specialist expertise at very short notice.
Simon McVicker, Director of Policy and External Affairs at IPSE, said: “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. 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.”
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Susie Hughes © Shout99 2015
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