North Sea oil companies to be helped with £450m of tax breaks

#Energy George Osborne says move shows commitment to jobs in the industry, but some experts say tax rates still much too high



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The government has introduced £450m of tax breaks to help North Sea oil companies at a time of plunging prices, rising costs and steep output declines, but some industry experts have warned the money is too little, too late.

George Osborne said he would cut a “supplementary charge” rate from 32% to 30%, extend other breaks from six to 10 years and provide a new allowance targeted on certain areas, at a time of increasing redundancies in Aberdeen.

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