The Telegraph: Tax break boost for shale gas explorers
The Government is keen to see exploration work begin to test the potential of vast shale gas deposits, which they hope could provide an important new source of gas for the UK.
The British Geological Survey said last month there could be 1,300 trillion cubic feet of gas in northern England alone. If just 10pc could be extracted it could meet Britain’s needs for more than four decades.
Ministers have pledged to launch a consultation before Parliament rises for summer recess this week on details of tax breaks, first touted in October last year. The proposed allowance would see a certain portion of income from each shale gas “pad” — or production site – receive an effective rax rate of 30pc, rather than 62pc.