UK OIL & GAS TAX
Government revenue from oil and gas has fallen to its lowest level in 10 years, according to figures released on Monday by HM Revenue & Customs.
UK tax receipts came in at £4.7bn for 2013-2014, which is the lowest since 2003-2004 when the government raised £4.2bn. Revenue has fallen 24 per cent compared with the previous tax year, following a 44 per cent fall in 2012-2013.
Taking into account inflation, the latest figures are even lower than 10 years ago – the amount raised in 2003-2004 would be £5.6bn at today's prices.
As a result of a squeeze…
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