UK Looks To Energize North Sea Drilling With New Tax Break

Law360, New York (September 7, 2012, 6:51 PM EDT) -- The U.K. will offer tax breaks of up to £160 million ($256 million) to North Sea oil and gas projects, it announced Friday, in what experts say is an effort to spur investment, backpedal from a much-criticized industry tax hike in 2011 and reverse a sharp slide in production at the country's backyard oil patch.

The new framework, introduced Friday by Chancellor George Osborne, will shield up to £500 million ($800 million) of income from North Sea operations launched before 1993, and up to £250 million...
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