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The Taxman and the Corporate Oil Investor

March 13, 2014

Have you been hearing the BritNats crowing about how North Sea oil revenues are down in the latest GERS report? Giving it as yet another reason we can’t make it alone? Fed up with all the politicians’ rhetoric? Want to know what it REALLY means? My learned friend David Milligan Lvss explains in plain English.

A wee Sovereign Scot

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I read this years GERS yesterday. GERS stands for Government Expenditure Revenue Scotland and is an analysis of tax flowing from Scotland to the UK Treasury.  As a supporter and promoter of Scottish independence I was very pleased by the contents (or as pleased as you can be taking the source of that document).  It told two very clear stories.

1. The oil revenues were down; no surprise there, well it wasn’t that the oil revenues were down per se, the companies that are investing heavily in the North Sea and have been for the last two years, offset their profits against the costs of that investment, hence the smaller amount being passed to the UK Treasury.

2. The oil revenues were down by £12 billion which should have resulted in a £19 – £20 billion deficit but it didn’t. It ended up as £12.1 billion.  This is very heartening…

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