SCDI responds to the HM Revenue and Customs consultation on draft legislation

SCDI submitted an official response to the HM Revenue & Customs consultation on draft legislation on corporation tax related to investment and cluster area allowances for oil and gas companies operating on the UK Continental Shelf.

The North Sea energy industry is an important part of the Scottish economy which supports over 160,000 jobs. SCDI strongly supports the draft legislation, which will benefit around one in four of the companies active in Scotland’s world-class oil and gas industry through a reduction in their profits subject to the Supplementary Charge. It is expected to stimulate investment in key infrastructure, increasing efficiency and competitiveness