UK government cuts oil and gas investment allowance, hikes headline tax rate

Government increases oil and gas industry headline tax rate by 3 percentage points to 78% and removes 29% investment allowance

Chancellor of the Exchequer Rachel Reeves delivers her Autumn budget statement in the House of Commons in London on October 30, 2024.
Chancellor of the Exchequer Rachel Reeves delivers her Autumn budget statement in the House of Commons in London on October 30, 2024.Photo: AFP/SCANPIX
Published 30 October 2024, 13:45Updated 30 October 2024, 17:45
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