OTUPDATE141107 - Oil Taxation Manual: recent changes
Below are details of the amendments that were published on 7 November 2014
(see the update index for all updates)
| Page | Details of update |
| OT00002 | Updated for changes to business stream name and telephone number |
| OT00190 | Overview of fiscal regime updated to FA2014 |
| OT04693 | Business address updated |
| OT10800 | New section on decommissioning certainty re PRT: Contents page |
| OT10801 | New section on Decommissioning relief deeds |
| OT10803 | Outline of legislation re decommissioning relief deeds |
| OT10805 | The effect of a deed claim on PRT |
| OT10808 | The effect of a deed claim on Oil Allowance |
| OT21246 | Withdrawal of FYA, asset not used in RF trade - reworded to reflect statute regarding notification period |
| OT21405 | Amended for additionally developed oil fields |
| OT21410 | Definition of additionally developed oil field added |
| OT21418 | New page on amount of additionally developed oil field allowance available |
| OT21430 | Field allowance when equity share is unchanged - information on additionally developed oil fields added |
| OT21500 | New section on onshore allowance - contents |
| OT21501 | Onshore allowance - background |
| OT21503 | Onshore allowance - overview |
| OT21505 | Onshore allowance - onshore related activities |
| OT21510 | Onshore allowance - definition of site |
| OT21515 | Onshore allowance - generation of onshore allowance |
| OT21520 | Onshore allowance - reduction of adjusted ring fence profits |
| OT21525 | Onshore allowance - activated and unactivated onshore allowance |
| OT21530 | Onshore allowance - transfer of allowance between sites |
| OT21535 | Onshore allowance - changes in equity share |
| OT21540 | Onshore allowance - transfer of allowance on disposal |
| OT21455 | Onshore allowance - definitions |
| OT21600 | New section on hire of relevant assets |
| OT21601 | New page, hire of relevant assets, introduction |
| OT21605 | New page, hire of relevant assets, scope of legislation |
| OT21610 | New page, hire of relevant assets, effect of CTA2010\S285A |
| OT21615 | New page, hire of relevant assets, anti avoidance provision |
| OT26200 | New section on extended ring fence expenditure supplement (ERFES) for onshore activities - contents |
| OT26201 | ERFES introduction |
| OT26203 | ERFES conditions for relief |
| OT26205 | ERFES relevant percentage |
| OT26210 | ERFES accounting periods |
| OT26215 | ERFES restriction on number of AP’s it can be claimed for |
| OT26220 | ERFES unrelieved group ring fence profits |
| OT26225 | ERFES pre commencement additional supplement |
| OT26230 | ERFES qualifying pre commencement onshore expenditure |
| OT26235 | ERFES the mixed pool |
| OT26240 | ERFES reductions for disposals |
| OT26245 | ERFES reductions for unrelieved group ring fence profits |
| OT26250 | ERFES additional supplement for post commencement periods |
| OT26255 | ERFES onshore ring fence losses |
| OT26260 | ERFES onshore ring fence pool |
| OT26265 | ERFES reference amount post commencement pools |
| OT26270 | ERFES reductions for utilised onshore ring fence losses |
| OT26275 | ERFES reductions for unrelieved group ring fence profits |
| OT26300 | MEA section moved from OT26200 |
| OT26301 | MEA section moved from OT26201 |
| OT26305 | MEA section moved from OT26205 |
| OT26310 | MEA section moved from OT26210 |
| OT26315 | MEA section moved from OT26215 |
| OT26320 | MEA section moved from OT26220 |
| OT26325 | MEA section moved from OT26235 |
| OT26330 | MEA section moved from OT26230 |
| OT26335 | MEA section moved from OT26235 |
| OT26340 | MEA section moved from OT26240 |
| OT26345 | MEA section moved from OT26245 |
| OT26350 | MEA section moved from OT26250 |
| OT26355 | MEA section moved from OT26255 and update for FA2014 changes to allowing costs of planning permission |
| OT26360 | MEA section moved from OT26260 |
| OT26370 | MEA section moved from OT26275 |
| OT26380 | MEA section moved from OT26280 |
| OT26390 | MEA section moved from OT26290 |
| OT26395 | MEA section moved from OT26300 |
| OT28040 | Decommissioning and abandonment amendments to definitions re onshore expenditure in FA2013 |
| OT28230 | New page decommissioning and abandonment , connected persons and tax advantage |
| OT28600 | Section revised for decommissioning security agreements and renamed |
| OT28601 | Revised for decommissioning security agreements |
| OT28615 | Changes to Inheritance Tax re property held in decommissioning security settlements |
| OT28617 | Decommissioning security agreements, Loan relationships, prevention of double taxation |
| OT28700 | New section, decommissioning certainty, contents |
| OT28701 | New page decommissioning relief deeds (DRD) |
| OT28700 | New page, DRD’s outline |
| OT28700 | New page, DRD’s provisions for payment |
| OT28700 | New page, DRD’s other provisions, schedule 31 |
| OT28700 | New page, DRD’s other provisions, schedule 32 |
| OT30479 | New page CG Reinvestment after pre trading disposal |
| OT43450 | Updated for HMRC acceptance of mark up rate of certain activities of a rig operator. |
| OT50000 | New section: Oil Contractors ring fence: contents |
| OT50001 | New page: Oil Contractors ring fence: introduction |
| OT50005 | New page: Oil contractors ring fence: scope |
| OT50010 | New page: Oil contractors ring fence: relevant assets |
| OT50020 | New page: Oil contractors ring fence: associated person |
| OT50030 | New page: Oil contractors ring fence: calculating the hire cap: contents |
| OT50032 | New page: Calculating the hire cap: the relevant percentage |
| OT50034 | New page: Calculating the hire cap: periods of less than full use and short account periods |
| OT50036 | New page: Calculating the hire cap: multiple leases |
| OT50038 | New page: Calculating the hire cap: total expenditure |
| OT50040 | New page: Calculating the hire cap: total expenditure - original cost |
| OT50042 | New page: Calculating the hire cap: total expenditure - enhancement costs |
| OT50044 | New page: Calculating the hire cap: total expenditure - estimated amounts |
| OT50050 | New page: Oil contractors ring fence: the effect of the ring fence |
| OT50060 | New page: Oil contractors ring fence: anti avoidance provision |
| OT50070 | New page: Oil contractors ring fence: leasing arrangements |
| OT50080 | New page: Oil contractors ring fence: the excess above the hire cap |
| OT50090 | New page: Oil contractors ring fence: transitional provisions at commencement |