Based on present tax levels, we estimate that between £5 billion to £6 billion will be payable in corporation tax over a 30 year lifespan for this project.
Further significant contributions would be paid through income tax by our employees, taxes paid to local authorities and any other taxes paid directly to the Treasury by Cuadrilla.
The significant economic rewards for recovering this important resource will be felt by many people in the communities we work in and in the country as a whole.
Under government proposals, local authorities could soon be allowed to keep a large amount of the business rates taken within their authority area.
If these proposals come in to force, we estimate that £20 million raised in business rates from Cuadrilla’s operations would be paid directly to local authorities in Lancashire.
This would be a significant bonus to our local authorities and could be used to support local services, saving the tax payer money.
(Under existing regulations, money goes to central government before being redistributed)