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2014-07-01 18:20:00

UK OIL & GAS TAX

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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Tags: UK, OIL, GAS
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