With this it will be convenient to consider the following:
Clauses 61 to 64 stand part.
Amendment 1, in clause 65, page 73, line 4, leave out subsection (2).
Clauses 65 to 70 stand part.
New clause 3—Review of oil and gas corporation tax rates and investment allowances—
“(1) The Chancellor of the Exchequer must, within two months of the passing of this Act, commission a review of the corporation tax rates and investment allowances applicable to companies producing oil and gas in the UK or on the UK continental shelf.
(2) A report of the review under subsection (1) must be laid before the House of Commons within six months of the passing of this Act.”
New clause 4—Review of tax regime relating to decommissioning of oil and gas infrastructure—
“(1) The Chancellor of the Exchequer must, within two months of the passing of this Act, commission a review of the ways in which the tax regime could be changed to increase the competitiveness of UK-registered companies in bidding for supply chain contracts associated with the decommissioning of oil and gas infrastructure or the development of new fields in the UK continental shelf.
(2) In undertaking the review under subsection (1), the Chancellor of the Exchequer must consult—
(a) the Department for Business, Energy and Industrial Strategy;
(b) the Oil and Gas Authority;
(c) Scottish Ministers; and
(d) such other stakeholders as the Chancellor of the Exchequer thinks appropriate.
(3) A report of the review under subsection (1) must be laid before the House of Commons within six months of the passing of this Act.”