The Economic Secretary to the Treasury (Sajid Javid)

The allowance will shield a portion of income in fields with qualifying projects from the 32% supplementary charge rate, and will be available from the accounting period in which incremental production from the qualifying project is expected to start. A qualifying project will be an incremental project increasing expected production from an offshore oil or gas field as described in a revised consent for development which is authorised by the Department of Energy and Climate Change (DECC) on or after 7 September 2012, and has verified expected capital costs per tonne of incremental reserves in excess of \xA360. Where a project forms part of a larger development, all elements of the development must receive authorisation consent on the same day.

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