Decommissioning Relief Deeds01 Sep 2013 | Newsletter/briefing
On 3 September, the Chancellor announced that the Government would enter into legally binding contracts to guarantee the UK tax relief that Oil & Gas operators in the UK Continental Shelf would obtain on future decommissioning costs, a commitment worth upwards of £20 billion over a 30-year period. The contract, in the form of the Decommissioning Relief Deed (DRD), is now ready for signing.
This briefing looks at the concerns underlying the need for the DRD and the way it will operate in practice.
William Watson (partner), Edward Milliner (associate)
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