Policy paper

Oil and gas taxation: transferable tax history and retention of decommissioning expenditure

This measure deals with transferable tax history in Corporation Tax rules and makes changes to decommissioning costs rules in Petroleum Revenue Tax.

From:
HM Revenue & Customs
Published
6 July 2018
Last updated
7 November 2018 — See all updates

Documents

Oil and gas taxation: transferable tax history and retention of decommissioning expenditure

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Draft legislation - post-transfer decommissioning expenditure

PDF, 55.4 KB, 1 page

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Draft legislation - transferable tax history

PDF, 172 KB, 28 pages

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Explanatory note for oil activities

PDF, 457 KB, 14 pages

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Explanatory note for Petroleum Revenue Tax

PDF, 376 KB, 3 pages

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Draft guidance on Petroleum Revenue Tax

PDF, 235 KB, 1 page

Draft guidance on transferable tax history

PDF, 491 KB, 16 pages

Details

This measure provides a transferable tax history (TTH) mechanism for oil and gas companies operating on the UK Continental Shelf (UKCS) and amends the Petroleum Revenue Tax (PRT) rules on retained decommissioning costs.

Published 6 July 2018
Last updated 7 November 2018 + show all updates

  1. Updated versions of draft guidance on transferable tax history and Petroleum Revenue Tax have been added.

  2. The 'Exchequer impact (£m)' and 'Economic impact' sections have been updated.

  3. Draft guidance for Petroleum Revenue Tax and transferable tax history have been added.

  4. First published.

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