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Fracking tax breaks unveiled

Chancellor George Osborne has unveiled tax breaks for controversial fracking in a bid to create the "most generous" regime for shale gas in the world.

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Treasury to reduce tax on fracking income to 30%

The Treasury said the new tax regime for fracking firms will reduce the tax on income from shale gas production from 62% to 30%.

A general view of fracking equipment in Lower Stumble Woods, Balcombe, West Sussex. Credit: Gareth Fuller/PA Wire

The Government has also outlined measures to ensure local communities benefit from the development of shale, with £100,000 paid for each well where fracking takes place and 1% of revenues if the drilling proves to be commercially viable.

New planning guidance on shale gas is set to be published by the Communities Department as the Government attempts to drive forward exploration.

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