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.

Documents

Draft legislation - post-transfer decommissioning expenditure

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Draft legislation - transferable tax history

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Explanatory note for oil activities

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Explanatory note for Petroleum Revenue Tax

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 Updated versions of draft guidance on transferable tax history and Petroleum Revenue Tax have been added.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 Draft guidance for Petroleum Revenue Tax and transferable tax history have been added.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