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Budget 2015: North Sea incentives will benefit oil explorers longer term

Paul Smith, a partner at chartered accountants Blick Rothenberg, explains how the oil explorers will benefit from the tax breaks unveiled by Chancellor George Osborne in the Budget – but only in the longer term.

The new 'investment allowance' will allow early stage spending to be offset in the future once projects begin generating revenues.

Osborne today promised £1.3bn worth of support for the North Sea via tax cut on production revenues, as well as relief on supplementary charges and tax allowances for oil companies.

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