United Kingdom upstream fiscal summary
All upstream projects in the UK are governed by concessions. Licences are awarded in regular rounds with fixed fiscal terms. Over the years, the tax system has seen numerous changes. Most recently, lower oil prices and maturity of the UK Continental Shelf have played a decisive role in radical tax cuts. The UK now has one of the most competitive fiscal systems globally. The key elements are the Ring Fence Corporation Tax (RFCT) and Supplementary Charge (SC). There are numerous deductions are available for RFCT and SC.