• While the new fiscal regime for UK upstream oil and gas in yesterday’s UK budget incorporates a 3% increase in EPL (to 38%) and the elimination of the 29% investment uplift allowance for EPL purposes, this is a better outcome than feared. • While these changes were expected, the industry and investors had been concerned by the possibility that capex investment might not be fully deductible for EPL purposes. That risk has now been removed. • In addition, the 62.5% investment uplift allowance f ....