December 2011
Supplement
Operators looking for relief on the UK continental shelf
The UK continental shelf (UKCS) saw a series of noteworthy and sometimes unexpected events in 2011. The mood changed dramatically in March with the announcement of sharp increases in the taxation of production income, with immediate effect. Specifically, the Supplementary Charge (SC) was increased to 32% from 20%, increasing the total tax rate on new fields to 62% from 50%. On mature fields subject to the Petroleum Revenue Tax, the total tax rate was increased to 81% from 75%.
