Derek Leith, the global oil and gas tax lead at EY
The oil and gas sector is bracing for the “extensive impact” of changes to off-payroll working rules announced in the chancellor’s budget, according to a tax expert.
On Monday, Philip Hammond said the rules, known as IR35, would change in the private sector from April 2020, meaning some contractors face higher taxes, while there could be potential penalties for firms hiring them.
It aims to stop employees from “disguising” themselves as freelance contractors in order to pay less tax, and the North Sea energy sector is thought to be among the industries which will be most drastically affected.
