North Sea operator Apache North Sea (ANS) enjoyed a near £331million boost to its balance sheet after the UK Government cut taxes on the industry during last year.
ANS – part of Houston-based Apache Corporation – revealed the deferred tax benefit in its latest accounts, just released by Companies House.
Its fiscal boost came after the then chancellor George Osborne zero-rated petroleum revenue tax (PRT) in the March 2016 Budget, having cut it from 50% to 35% the year before. Mr Osborne also reduced the supplementary charge – an additional tax on profits in the industry – to 10%, from 20% previously, from the start of last year.
