Conference recognises the importance of the North Sea oil industry to the local economies of North-east Scotland, the Shetland Isles and the economies of Scotland and the United Kingdom as a whole.
Conference condemns the Labour government for the doubling of the supplementary Corporation Tax rate paid by the UK oil and gas industry in this Parliament, resulting in the sector being by far the highest taxed sector in the UK economy.

Conference notes with concern the impact that these tax rises, combined with rising production costs, have had on investment in the North Sea oil and gas sector.

Conference calls upon the Government to address this situation by:

1. Reducing the supplementary Corporation Tax rate paid by the UK oil and gas industry to ensure that the UK remains a competitive environment within the global oil and gas sector, especially in the face of falling reserves.
2. Establishing stability within the industry by providing an assurance that there will be no further ad hoc tax increases.

Bringing forward transparent tax measures to support entrepreneurship amongst small and medium sized companies, such as retirement relief on Capital Gains Tax, to recognise and support the vital role that these businesses play in the oil industry and the UK economy as a whole