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HMRC internal manual

Oil Taxation Manual

Transferable Tax History - Reporting tracked profits to HMRC

Where a company acquires a TTH asset it must submit calculations of tracked profits to HMRC alongside its tax return. The requirement to track is subject to the Senior Tracking Officer legislation at paras 66 to 70 of Sch 15 to FA 19. By submitting the joint election, the buyer becomes subject to this legislation.

The CT 600 (i) has been modified to include boxes to declare a company’s net tracked profits for the year. Companies should also submit details of how the tracked profits were calculated in their tax computation at the time of submitting their return.

The entries on the CT600(i) and in computations that set out the tracked profits position do not form part of the return and cannot be enquired into. HMRC only have the power to enquire into the tracked profits as part of an enquiry into the TTH claim as a whole at the point of decommissioning. Further guidance on HMRC’s enquiry powers atand the record keeping requirements for TTH will be published in due course.