Insight
The UK’s fiscal review: missing an opportunity for real reform?
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Report summary
The UK’s fiscal review is constrained and missing an opportunity for real reform. We propose a system that would be simpler, holistic, and predictable. The new system would: • simplify the pre-2022 system and ensure terms neither deter investment in economic oil and gas projects, nor encourage uneconomic ones. • minimise the need for decommissioning tax rebates. • extend the ring fence to enable consolidation of all offshore energy investment with oil and gas activity. • abolish the EPL and replace it with a more predictable high price royalty system.
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