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Completely, I found out yesterday that oil and gas companies only pay a fraction of the corporation tax that normal companies pay in the UK! We have as a societ
by andy_ppp 8y ago
Completely, I found out yesterday that oil and gas companies only pay a fraction of the corporation tax that normal companies pay in the UK! We have as a society very strange priorities or maybe the people who assume power are just completely self interested.
- Gravityloss 8y agoThere's a really nice fictional drama miniseries from 2018 about the discovery of oil in Norway: "Lykkeland". I assume it's a very stylized version of what actually happened but highlights the conflicting interests a little bit.
- tim333 8y agoThere seem to be quite a lot of taxes on them eg >This means that the marginal tax rate on PRT paying fields is now 81% (fields not paying PRT pay a rate of 62%) https://en.wikipedia.org/wiki/Petroleum_Revenue_Tax https://en.wikipedia.org/wiki/Petroleum_Revenue_Tax
- andy_ppp 8y agoIt says in that link that it was effectively abolished in the 2016 bugdet...
- Reason077 8y agoThe UK Petroleum Revenue Tax (PRT) was set to 0% on 1 January 2016, and even before that only applied to fields established prior to 1993. https://www.gov.uk/guidance/oil-gas-and-mining-petroleum-revenue-tax https://www.gov.uk/guidance/oil-gas-and-mining-petroleum-rev...
- alexgmcm 8y agoYeah, we could have had a sovereign wealth fund - instead we let the corporations exploit our natural resources for free. I guess the Empire finally colonised itself.
- Komodoro 8y agoAnd the Government was complaining about giving a lot of millions to the EU in prejudice of making their health care system worse than it was.
- james1071 8y agoOil companies in the UK are subject to: Ring Fenced Corporation Tax Supplementary Charge Petroleum Revenue Tax. They are much more heavily taxed than other companies.