Picture of boy being examining by doctor at a tuberculosis sanatorium

Understanding our future through Open Access research about our past...

Strathprints makes available scholarly Open Access content by researchers in the Centre for the Social History of Health & Healthcare (CSHHH), based within the School of Humanities, and considered Scotland's leading centre for the history of health and medicine.

Research at CSHHH explores the modern world since 1800 in locations as diverse as the UK, Asia, Africa, North America, and Europe. Areas of specialism include contraception and sexuality; family health and medical services; occupational health and medicine; disability; the history of psychiatry; conflict and warfare; and, drugs, pharmaceuticals and intoxicants.

Explore the Open Access research of the Centre for the Social History of Health and Healthcare. Or explore all of Strathclyde's Open Access research...

Image: Heart of England NHS Foundation Trust. Wellcome Collection - CC-BY.

Will Scotland's oil and gas contracting industry survive the ending of the Petroleum Revenue Tax?

Foster, John and Maguiness, Hugh and Munro, Alison (1993) Will Scotland's oil and gas contracting industry survive the ending of the Petroleum Revenue Tax? Quarterly Economic Commentary, 18 (4). pp. 76-83. ISSN 0306-7866

[img]
Preview
PDF (FEC_18_4_1993_FosterJ_etal)
FEC_18_4_1993_FosterJ_etal.pdf
Final Published Version

Download (501kB) | Preview

Abstract

In the March 1993 budget the Chancellor of the Exchequer proposed the phasing out of the Petroleum Revenue Tax. All fields receiving development assent after March 1993 will now pay no tax apart from Corporation Tax at 33%. PRT for existing fields is reduced from 75% to 50%. At the same time companies will no longer be able to offset exploration and appraisal expenditure in one field against tax liabilities accruing from other fields in the North Sea (some form of transitional relief will be available till 1995). The changes are seen in general to be prejudicial to an industry already finding it difficult to cope with declining real oil prices in an ageing oil province with internationally high production costs. The specific focus of this article is the impact which any such decline will have on the contracting and supply industry which has grown up to service North Sea oil production.