Oil and gas titans are set to reap a mammoth taxpayer giveaway of up to £7.5billion despite making record profits. The new North Sea tax breaks nearly double the tax relief. The so-called 'super-deduction' means investing £100 in the North Sea 'will cost companies only £8.75,' according to the Institute for Fiscal Studies. Neidle questioned whether the incentive would have the desired effect of pumping more cash into the North Sea in the long-term. Company documents show the North Sea operations of BP and Shell have already benefited from huge tax repayments.

Source: Daily Mail August 07, 2022 00:52 UTC