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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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Corporation tax general: background

The standard corporation tax applicable to all companies is in principle also applicable to the oil industry. There is a separate Manual directed to corporation tax. This Manual focuses purely on matters of particular interest and relevance to the oil industry.

There is some general background information in the section of OT directed to the taxation of the oil industry commencing at OT00010. This explains the application of the normal regime with the addition of ring fence provisions. The latter are covered from OT21000.