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This document summarises the responses received during the consultation carried out by the government between July and September 2014 on proposals for a cluster area allowance for ultra high pressure, high temperature (UHPHT) projects. It also sets out the government’s responses to the outcomes of the consultation; the introduction of a cluster area allowance for high pressure, high temperature (HPHT) projects.
As announced at Budget 2014, the government has published a consultation paper on a proposal for a new cluster area allowance. The allowance aims to support investment in ultra high pressure, high temperature oil and gas projects and to encourage exploration in surrounding areas (or “clusters”).
The government would like to hear from a wide range of stakeholders including individuals, companies and representative and professional bodies. HM Treasury will be holding a series of working groups over the summer with commercial, exploration, tax and finance experts to discuss technical issues raised in the consultation. If you would like to be a working group member please send a nomination, with your current position and organisation, using the correspondence details below.
The government will publish a summary of responses to this consultation later in the year. Where appropriate, legislation will be brought forward in Finance Bill 2015.