Industry input into North Sea late life asset strategy | KPMG | UK

Spring Budget 2017: Industry input into North Sea late life asset strategy critical, says KPMG

Industry input into North Sea late life asset strategy

Mark Andrews, UK Head of Oil & Gas at KPMG, and Claire Angell, UK Head of Oil & Gas Tax at KPMG, comment on the Chancellor’s support for the transfer of late life assets in the North Sea:

1000

Also on KPMG.com

Mark Andrews, UK Head of Oil & Gas with professional services firm KPMG, said:

"The degree to which late life assets can find the right ownership and investment is a significant factor in the UK achieving maximising economic recovery (MER). Government, the Oil & Gas Authority and industry recognise there is a potential issue with the inability to transfer tax history. Today's confirmation that there is potential for changes to the fiscal regime to overcome this is very welcome. Recent Budgets have seen a number of positive moves by HM Treasury to support the competitiveness of the UK Continental Shelf (UKCS). The willingness to address this latest issue within a short timescale is a positive signal to the industry, which could ultimately unlock asset transfers and stimulate M&A interest in the basin."

Claire Angell, UK Head of Oil & Gas Tax at KPMG, added:

"This is a positive development, building upon HM Treasury's dialogue with industry and advisors on this important issue. Involving all stakeholders over the coming months, will assist in seeking a workable solution in a short time scale. This will positively influence many asset transfers between buyers and sellers that are underway or in the pipeline.

“However, Government has previously made it clear that any solution will have to be achieved without increasing the cost for the Exchequer.”

-Ends-


Follow us on twitter: @kpmguk #SpringBudget
www.kpmg.com/uk/springbudget2017

 

For further information please contact:

KPMG Press office

T: +44 (0) 207 694 8773

Ann Burton, KPMG Corporate Communications

M: 07467 339719

E: ann.burton@kpmg.co.uk

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Connect with us

 

Request for proposal

 

Submit