media watch 4, page-13

Here another version from another media report

The Government said it would provide an incentive for the search for shale gas which would bring massive economic benefits including “thousands of jobs, billions of pounds of business investment and lower energy bills”.

New tax allowances modelled on those directed at offshore fields will reduce the tax rate on part of companies’ profits to reflect the challenging nature of projects. They could receive up to 75 per cent of their capital spend. It would make the UK tax regime for shale gas the most competitive in Europe .

Fracking has triggered fierce opposition from local communities but a new scheme will offer them £100,000 for each exploration well and up to £10million over the lifetime of a project.

Derek Leith, head of oil & gas taxation at accountants EY, said: “The successful development of shale gas reserves in the UK would improve security of supply and create value for industry and the Exchequer.”