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Finance Act 2015

Background Note

5.Petroleum revenue tax (PRT) was introduced by OTA 1975 and is essentially a tax on the profits from oil and gas production from the UK Continental Shelf.

6.This section reduces the rate of PRT payable by oil and gas companies operating on the UK Continental Shelf from 50% to 35% and provides a consequential reduction in the interest cap provided by Paragraph 17 of Schedule 2 to OTA 1975.

7.This reduction will help provide the right conditions for business investment to maximise the economic recovery of the UK’s oil and gas resources.

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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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