Guidance

Petroleum Revenue Tax: cutting administration costs for the oil industry - technical note

This technical note clarifies certain aspects of the measure introduced at Autumn Statement 2016 to reduce administration costs for participators in the Petroleum Revenue Tax (PRT) regime.

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Details

The purpose of this technical note is to clarify certain aspects of the measure introduced at Autumn Statement 2016 to reduce administration costs for participators in the PRT regime.

There are 2 parts to the measure. The first is the simplification of the process for opting fields out of the PRT regime and the second concerns the removal of reporting requirements from PRT forms.

Both parts of the measure come into force from 23 November 2016.

Published 23 November 2016