Former Treasury official and Ernst & Young tax policy chief, Chris Sanger warned the North Sea oil industry that changes to the tax regime for the offshore oil and gas industry are likely to be included in Chancellor Gordon Brown's pre-budget report.
Speaking to the Guardian this week, Mr Sanger predicted that:
"I expect there will be a reform of the North Sea taxation system. The current system as it stands has arisen over time and is not economically coherent."
A number of different measures have been mooted in the past, including the introduction of a sliding scale of taxes linked to oil prices. However, observers have suggested that the Treasury is likely to tread carefully, as the 2002 increase in corporate taxes for oil companies led to a massive drop-off in drilling in the North Sea.
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