On the introduction of transferable tax history for oil and gas fields in the North Sea, chief executive of Aberdeen & Grampian Chamber of Commerce Russell Borthwick, said:
“This is something that a number of our members, our regional MPs and industry partners have been asking for and the Chancellor has responded. This measure is key to allowing the industry to maximise the future economic benefit it will deliver to the UK; getting the assets in the North Sea in the right hands will enable that to happen.
“The finer detail of the tax changes will no doubt come in time given the proposed introduction is not until November 2018. Last year we asked Government to stick to its plan to ensure taxation policy enables the UK Continental Shelf to remain globally competitive to attract investment and this appears another step in the right direction.”