North Sea Oil and Gas Producers: Investment Allowances Debate
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Stephen Flynn
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North Sea Oil and Gas Producers: Investment Allowances
Stephen Flynn Excerpts(2 years, 6 months ago)
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Lucy Frazer
The investment relief should not be available for investments that are deadweight. It should be for new investments. However, I am happy to look into the point that the right hon. Member has made.
Stephen Flynn (Aberdeen South) (SNP)
Jeremy Cresswell, the emeritus editor of Energy Voice in the north-east of Scotland, highlighted his concerns that the investment allowances put in place by the UK Government as part of the windfall tax are directly for big oil, as opposed to for big renewables too. Can the Minister clarify an earlier point made in response to my hon. Friend the Member for Glenrothes (Peter Grant)? She said that electrification could be part of the programme: surely it must be part of it.
Lucy Frazer
Yes, it could be, and I am sure that HMRC will consider those reliefs when they are made. I hope that it is a should, but the position is that it could. The tax will be paid by the largest companies, to reiterate a point I made previously.