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From AGM Presentation:
Players with significant UK tax losses are able to shield future project cash flows from tax
Tax payers are able to utilise project capex to shield existing cash flows from taxes
"The Group has not recognised a deferred tax asset due to the uncertainty over when the taxlosses can be utilised. At
the year end, the usable taxlosseswithin theGroupwere approximately £57 million (2020: £46million)."
Thanks Dickupham , do you know if this is transferable if someone acquired JOG , if it was then may add interest if facing a WHT hit
Well said Dickupham the government has a habit of rewarding people ( moonlighters) who are not good at managing their finances . The only dept they seem to be good at is the bedroom , evidenced by the no of kids they have !!. What makes it worse they sponge off our hard earned tax money and the govt rewards them for this . I love Nigel Farage !
Nubi...............the issue is what a (demonstrably unfair) windfall tax does to the perception of the North Sea as a good place to do business, by the oilcos that have difficult choices to make about where to invest shareholders funds in ways that produce predictable rewards.
Yet again we have politicians causing immeasurable damage to the economy by going for the popular vote. Less than 3 years ago oilcos, with BC falling to c.$20pb and staying low for some time, were on their knees. Where were the baying masses then - calling for windfall tax rebates to help oilcos offset their huge losses? Nowhere to be seen. Ditto from 2014 to 2016. Nowhere to be seen - funny, that..
Until events in Ukraine made them wake up to the reality of Europe being to a very unhealthy extent dependent on Russia for its oil & gas, a majority of UK politicians (and other European MPs) were opposed to all forms of carbon energy, in order to win cheap votes of the sort cast by supporters of the ridiculous Swedish freak who was skipping school lessons to lecture the sycophantic leaders of the G7 - you couldn't make it up).
It hasn't taken the Conservatives long to do a complete volte face, in a brazen attempt to divert the public gaze from the Sue Gray report and Sunek's unwelcome inclusion in the Sunday Times Rich List and sate the baying of the ignorant masses by punishing oilcos for making profits as a result of higher than usual oil prices (as I say, where was the baying to contribute to the same companies' losses when BC fell to $20pb and stayed low for a long time just 3 years ago. And what will the windfall be spent on? Increased benefits for the poorest 5m in the UK, much of the (so called) poverty either being over-exaggerated or self-inflicted. No-one in Government chooses to mention that oilcos are taxed in the UK at more than twice the rate all other companies are charged anyway (40% vs 19%). And this 40% after a reduktion not that long ago from the 62% imposed by Osborne that led to not a penny coming into the Treasury from Oilcos for 4 years, so little investment had been made in the UKCS (for obvious reasons) for so long (total oil tax was 60% under Brown). When JOG farmed Verbier out to Statoil in 2016, it was the first farm-out in the UKCS for more than 3 years. The OGA (now renamed the ETA ) was set up with the mission: "MER" - "maximise economic recovery". Seems that wasn't set to last long.
Analogy? Selling the machine that makes widgets that make profits for shareholders, with enough set aside to provide independence of supply for the Country in the future, with much of the money so raised given to people who have never saved a penny in their lives, or alternatively have undeclared sources of (usually) cash income but claim benefits anyway. It's best not to talk about the hordes of economic (predominantly) African immigrants flooding into the UK courtesy of Macron.
imv it's time Britain stopped rewarding failure.
all imoo
I think windfall tax will only hit companies that are producing oil and making profit so think ok for JOG
A windfall tax may even be a good thing If the UK Government subsequently allow the O&G firms to offset (even partially) any windfall tax if they re-invest in North Sea development projects !?!?
I hope the PM doesn’t use the windfall tax as a means of diverting attention of Sue Gray report . PM and Dishi are introducing a support package tomorrow . I don’t like the idea of a windfall tax , might have implications for our farm out !