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North Sea drill tax blow hits BG

Published 11/05/2011

Gas and oil exploration giant BG posted a sharp fall in profits as it counted the cost of the Government's raid on North Sea drilling.

BG took a charge of $265m (£162m) to reflect the rise in the offshore drilling tax to 32%, from 20%, announced in the Budget. Its effective tax rate rose to 45% from 42% as a result of the Chancellor's move.

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