Oil soothes tax pains

NEILL CLERK, the Scottish solicitors who specialise in the Business Expansion Scheme, have helped to arrange a complex tax- saving investment aimed at higher rate taxpayers.

Investors are being asked to subscribe at least pounds 250,000 - a minimum of pounds 10,000 each - to the Melrose Partnerships, which will continue to develop oilfields in west Texas and New Mexico.

Tax breaks available on oil and gas projects allow investors to benefit from a range of reliefs. Those who can take full advantage of these may obtain a return of 26 per cent a year, based on an assumed oil price of dollars 20 a barrel and the gas price of dollars 1.20 per thousand cubic feet.

Neill Clerk: 041 332 2055.