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report to the U.K. Parliament (1974 White Paper) in which it was
concluded that unless the United Kingdom modify its tax regime,
the United Kingdom would receive only a small portion of North
Sea oil and gas company profits. In the 1974 White Paper, it was
also recommended: (1) That the United Kingdom modify its tax
regime with regard to North Sea oil and gas production activity
in order to, among other things, eliminate the ability of oil and
gas companies to offset profits from North Sea operations by
losses realized by the companies elsewhere in the world, and
(2) that the United Kingdom assert increased control over oil and
gas companies’ North Sea operations.
No recommendation was made in the 1974 White Paper to make
any significant change to the United Kingdom discretionary
licensing system for the North Sea.
Between 1976 and 1988, there were seven additional license
rounds conducted by the United Kingdom relating to the North Sea.
Over the years, North Sea licenses were issued and
administered, and the related fees and royalties were collected
by the U.K. Ministry of Power, the U.K. Department of Technology,
the U.K. Department of Energy, and the U.K. Department of Trade
and Industry. At no time have North Sea licenses been
administered, or have the related fees and royalties been
collected, by the U.K. Treasury or by the U.K. Inland Revenue.
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Last modified: May 25, 2011