Clifford Chance

Oil & Gas Update: “Radical” Reform of the UK Tax Regime continues

20 March 2015

The Government has announced that it will be making a number of changes to the UK oil and gas taxation regime, with some of the changes having immediate or retrospective effect. The changes, which are consistent with the "radical" reforms announced in December 2014 following the publication of the Wood Review, are designed to maximise the economic recovery of hydrocarbon resources whilst ensuring a fair return on these resources for the UK. The need for further changes has been driven to a large extent by the fall in world oil prices and the pressure that has put on the UK's North Sea oil industry.

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