The measure would repeal their current ability to deduct 6% of their oil and gas production income from their tax liabilities.

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Tax on oil and gas production would also have given an independent Scotland a higher tax take per head over the three decades.

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It also extends the production tax credit for renewables and reduces subsidies for oil and gas production.

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The bill aims to boost domestic production of oil and natural gas through tax breaks and other incentives.

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Though high oil and gas prices have pushed up tax revenues, if they drop production as well as receipts would plummet.

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The UK government in September unveiled a tax break for oil and gas companies in a bid to reverse a decline in exploration and production in an industry which employs more than 300, 000 people.

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