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Second new tax imposed on oil firms

Gordon Brown imposed a new tax on oil companies for the second time in less than a year today.
In his Pre-Budget Report, the Chancellor raised the supplementary North Sea charge on energy companies from 10 per cent to 20 per cent.

It followed a decision in the spring Budget when Mr Brown boosted his coffers by £1.1 billion with a move to 'modernise' North Sea corporation tax.

Economists at Deloitte said today's decision was above the 5 per cent increase expected and would raise £1.4 billion for the Treasury next year and £5.2 billion by the end of 2008.

The Government said there would be no further increases in North Sea taxation during the current Parliament.

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