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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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Oil Taxation Manual: recent changes

Below are details of the amendments that were published on 30 April 2010 (see the update index for all updates)

Section Details of update  
     
OT03000 Amendments to contents page  
OT03100 Definitions updated for FA08  
OT03515 Definitions updated for FA08  
OT04998 Index page deleted and replaced by OT05000   
OT04999 Page deleted moved to OT05004   
OT05000 New index page for PRT: Vauation  
OT05004 PRT computation - index page, page moved from OT04999  
OT05005 Page deleted, moved to OT05012   
OT05008 PRT computation - General introduction, page moved from OT05000   
OT05010 Page deleted, moved to OT05016   
OT05012 PRT computation - Outline page moved from OT05005  
OT05016 PRT computation - Taxpoint page moved from OT05010  
OT05025 PRT Computation - Arm’s length rule rewritten and split with OT05030 - Examples  
OT05030 New page for Arm’s length rule examples  
OT05050 PRT computation - received or receivable page rewritten  
OT05075 Currency Translation - Page rewritten and content split with following page  
OT05080 Currency Translation - New page  
OT05100 CIF Sales - page rewritten and content split across four following pages  
OT05105 CIF Sales - new page  
OT05110 CIF Sales - new page  
OT05115 CIF Sales - new page  
OT05120 CIF Sales - new page  
OT05125 Excluded Oil - page rewritten and content split with following page  
OT05135 Gas Levy - new page  
OT05150 Stock and oil in transit - Page rewritten  
OT05199 PRT Nomination scheme contents page moved to OT05200   
OT05200 PRT Nomination Scheme new contents page  
OT05202 PRT Nomination Scheme introduction, moved from OT05200  
OT05230 Content of a nomination, rewritten and split with following two pages  
OT05232 New page, nominations outside business hours  
OT05234 New page, effective nominations further provisions  
OT05299 PRT Non Arms Length disposals, contents page moved to OT05300   
OT05300 PRT Non Arms Length disposals new contents page, previous content moved to OT05302   
OT05302 New page, Valuation methods  
OT05343 Valuation of Light Oils, page rewritten and split by field over following pages  
OT05343A New page, category 2 oils - Alba  
OT05343B New page, category 2 oils - Anusuria  
OT05343C New page, category 2 oils - Beryl  
OT05343D New page, category 2 oils - Clair  
OT05343E New page, category 2 oils - Curlew  
OT05343F New page, category 2 oils - Foinavon  
OT05343G New page, category 2 oils - Gryphon  
OT05343H New page, category 2 oils - Harding  
OT05343I New page, category 2 oils - Pierce  
OT05343J New page, category 2 oils - Schiehallion  
OT05343K New page, category 2 oils - Triton  
OT05343L New page, category 2 oils - Wytch Farm  
OT05352 New page, category 2 Exceptions  
OT05354 Valuation of Non-Arms Length Disposals and Appropriations - Gas: Contents page moved to OT05360   
OT05355 New Page, valuation of Tariffs in Kind  
OT05360 Valuation of Non-Arms Length Disposals and Appropriations - Gas new contents page  
OT05362 Valuation of light gases, moved from OT05355  
OT05364 Re openeing an election, moved from OT05360  
OT05392 New page, Valuation of Light Gases from 1 January 1994 - Identifying the disposal  
OT05394 New page, Valuation of Light Gases from 1 January 1994 - Timing of the disposal  
OT05396 New page, Valuation of Light Gases from 1 January 1994 - Fixed Price Sales  
OT05398 New Page, Valuation of Light Gases from 1 January 1994 - Location  
OT05402 New page, Valuation of Light Gases from 1 January 1994 - Take or Pay  
OT05404 New page, Valuation of Light Gases from 1 January 1994 - Buyer’s/Seller’s Nominations  
OT05406 New page, Valuation of Light Gases from 1 January 1994 - Other Elements  
OT05408 New page, Valuation of Light Gases from 1 January 1994 - Other Elements  
OT05412 New page, Valuation of Light Gases from 1 January 1994 - Re-opening Agreement  
OT05414 New page, Valuation of Light Gases from 1 January 1994 - Status of Elections  
OT05416 New page, Valuation of Light Gases from 1 January 1994 - Transfer of Field Interests  
OT05418 New page, Valuation of Light Gases from 1 January 1994 - Market Evidence  
OT05422 New page, Valuation of Light Gases from 1 January 1994 - No Inter-affiliate Agreement  
OT05424 New page, Valuation of Light Gases from 1 January 1994 - Non Field Specific Contracts  
OT05545 Page deleted  
OT05605 PRT Treatment, rewritten and split with following pages  
OT05606 New page, PRT Treatment after 1 January 1987  
OT05607 New page, PRT Treatment after 1 July 2009  
OT05620 Review of Commingled Systems, rewritten  
OT05625 Commingling - Amendments to Allocation Methods, rewritten  
OT05635 PRT Treatment of Re-injected Gas, page rewritten  
OT05799 Terminals liftings contents page moved to OT05800   
OT05800 New Terminal liftings contents page.  
OT05805 Terminal liftings introduction, moved from OT05800  
OT05965 New page, Terminal Liftings- Disposal of Field Interests- Examples  
OT08900 PRT: Expenditure - Amended contents page  
OT10200 PRT: Decommissioning, page updated for FA09 carbon capture and gas storage  
OT11600 PRT: Long-Term Assets - Subsequent Use Of Assets Outside Taxable Fields, Page updated for periods after 30 June 2009  
OT13110 PRT: Expenditure: Spreading Elections, updated to show ceased to have effect from 30 June 2009  
OT14300 PRT: Provisional Expenditure Allowance, updated to show abolished after 30 June 2009  
OT14840 PRT: References to OIL shareholders’’ agreement and modus operandi deleted.  
OT15000 PRT: Tariff and Disposal Receipts, updated contents page  
OT15025 Definition of Tariff Receipts, updated for post 30 June 2009  
OT15180 Tariff and Disposal Receipts - Procedures for dealing with non-cash consideration amended.  
OT15750 Tariff receipts allowance - examples moved to OT15760 and OT15770.  
OT15760 New page, Tariff receipts allowance - example 1  
OT15770 New page, Tariff receipts allowance - example 2  
OT15800 Tax exempt tariffing receipts - contents page amended to include OT15905 and OT15925.  
OT15900 Tax exempt tariffing receipts - transitional provisions moved to OT15905.  
OT15905 New page, Tax exempt tariffing receipts - transitional provisions  
OT15920 Tax exempt tariffing receipts - application of modified approach moved to OT15925.  
OT15925 New page, Tax exempt tariffing receipts - application of modified approach  
OT16000 Losses contents page amended to include OT16260, OT16270, OT16280, OT16290, OT16510 and OT16520.  
OT16250 Unrelievable Field Losses - Link to Chargeable Periods moved to OT16260, Associated Party Claims moved to OT16270, Acquisition of interests in producing fields moved to OT16280, Unrelated field expenditure moved to OT16290.  
OT16260 New page, Unrelievable Field Losses - Link to Chargeable Periods  
OT16270 New page, Unrelievable Field Losses - Associated Party Claims  
OT16280 New page, Unrelievable Field Losses - Acquisition of Interests in Producing Fields  
OT16290 New page, Unrelievable Field Losses - Unrelated Field Expenditure  
OT16350 Reference to First- tier tribunal inserted.  
OT16500 Unrelievable Field Losses - Anti avoidance details moved to OT16510, Anti avoidance examples moved to OT16520.  
OT16510 New page, Unrelievable Field Losses, Licence Transfers - Anti-Avoidance  
OT16520 New page, Unrelievable Field Losses: Licence Transfers - Anti-Avoidance - Examples  
OT17500 Safeguard contents page amended to include OT17560, OT17570, OT17580, OT17590, OT17760, OT17770 and OT17780.  
OT17550 Safeguard basic calculation - Adjusted profit moved to OT17560, Accumulated capital expenditure moved to OT17570, Example moved to OT17580, interaction with spreading elections moved to OT17590  
OT17560 New page, Safeguard adjusted profit  
OT17570 New page, Safeguard - Accumulated Capital Expenditure  
OT17580 New page, Safeguard Example  
OT17590 New page, PRT: Safeguard - Interaction with Spreading Election  
OT17750 Safeguard - deferred claims - Examples moved to OT17760, OT17770 and OT17780.  
OT17760 New page, PRT: Safeguard - Deferred Expenditure Claims - Example 1  
OT17770 New page, PRT: Safeguard - Deferred Expenditure Claims - Example 2  
OT17780 New page, PRT: Safeguard - Deferred Expenditure Claims - Example 3  
OT18100 Reference to Royalty Payments replaced by reference to Licence Debits or Credits  
OT18130 PRT: Transfer of Licence Interests, Terminal losses. The page has been split, the three examples are now at OT18131, OT18132 & OT18133. The section on pre 17 March 2004 losses has been moved to OT18135.  
OT18131 New page - Example 1  
OT18132 New page - Example 2  
OT18133 New page - Example 3  
OT18135 New page - Terminal losses accrued in chargeable periods ending before 17 March 2004 from OT018130.  
OT18290 PRT: Unitisations and Re-determinations - Schedule 17, rewritten  
OT18330 PRT: Unitisations and Re-determinations - Purchase of Licence Interests - No PRT field yet determined, page rewritten  
OT18340 Purchase of Licence Interests - PRT field determined and comprised in licence, page rewritten  
OT18350 New page, PRT: Unitisations and Re-determinations Work Programme PRT treatment  
OT18360 New page, PRT: Unitisations and Re-determinations, development carry  
OT18500 OT18510 - OT18670. The section on PRT compliance has been substantially rewritten to bring it up to date.  
OT19000 PRT: Appendices Pages OT19010 to OT19595 temporarily withdrawn while being reviewed  
OT21000 New reference to OT21400 and Field Allowance  
OT21400 OT21401 to OT21460 new guidance on Field Allowance introduced in FA09  
OT28040 Decommissioning and Abandonment; updated for expenditure on or after 22 April 2009  
OT28045 Decommissioning and Abandonment - new page re expenditure on or after 22 April 2009  
OT28050 Decommissioning and Abandonment - new definitions added  
OT28065 Decommissioning and Abandonment - new page, decommissioned P&M expenditure incurred on or after 22 April 2009  
OT28085 Decommissioning and Abandonment - new page, expenditure incurred before cessation of Ring Fence Trade  
OT28205 Decommissioning and Abandonment - new page, expenditure incurred after cessation of Ring Fence Trade  
OT30136 CG: new page disposals after 22 April 2009  
OT30137 CG: new page licence swaps disposal after 22 April 2009  
OT30138 CG: new page licence swaps, mixed consideration after 22 April 2009  
OT30139 CG: new page - licence swaps definitions  
OT30471 CG: new page extension of ring fence, disposals before 22 April 2009  
OT30472 CG rewritten page extension of ring fence disposals on or after 22 April 2009  
OT30473 CG: new page extension of ring fence provisional claims for disposals on or after 22 April 2009  
OT30474 CG: new page extension of ring fence, prevention of double claims  
OT30475 CG: new page extension of ring fence, meaning of ring fence reinvestment  
OT30476 CG: new page extension of ring fence, roll over relief  
OT30477 CG new page ring fence extension, TGCA92\S153  
OT46600 Application of Construction Industry Scheme to the oil and gas industry, page updated  
OT46700 Construction Industry Scheme - Registration and gross payment, page updated