David Jetuah, Accountancy Age, Thursday 29 July 2010 at 09:40:00

Oil giant trying to secure $10bn in the wake of its financially damaging oilspill in the United States


BP is chasing a tax credit claim of $9.7bn (6.3bn).

The oil giant, which is looking to bolster its finances after the Gulf ofMexico oil spill, announced the move in its Q2 results,tax-news.comreported.

BP's group income statement for the second quarter posts a pre-tax charge of$32.2bn linked to the oil spill and a tax credit of $9.79bn.

Under US tax laws, BP, can offset a proportion of its losses against US tax,but the move may prompt a backlash from Stateside critics.

Further reading:

USto hit oil companies with disaster tax