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HMRC internal manual

Oil Taxation Manual

Updates: Oil Taxation Manual

2016

published amendments

The taxation of the UK oil industry: an overview: other developments to the fiscal regime 1975 to 2014
Title, year range extended to 2014
Capital allowances: extended ring fence expenditure supplement for onshore activities - conditions for relief and outline
final sub heading corrected to read "Post commencement losses"
Decommissioning and abandonment: decommissioning certainty: decommissioning relief deeds
Corrected for an error, references to PRT replaced with RFCT/SC

published amendments

PRT: administration: payment provisions - payment on account
format error corrected
PRT: administration: returns by responsible person - PRT 2
Reference to OTO removed
PRT: Changes - FA93 - Tariffs and tariff-related expenditure
correction of typo
PRT: Changes - FA93 - Non-dedicated mobile assets
Format change

published amendments

PRT: valuation of crude oils and products - list of oils within category 2
Four missing fields added to table

published amendments

PRT: allowable field expenditure - anti-avoidance provisions: sale and leaseback
Mispell corrected
PRT: allowable field expenditure - specifically excluded expenditure: interest
mispell corrected
PRT: allowable field expenditure - tariff related expenditure
mispell corrected
PRT: decommissioning certainty: contents
new page added to manual

published amendments

PRT: computation - received or receivable (including term and entitlement contracts)
Table reformatted to improve reading
PRT: administration: Schedule 7 claims
short title amended to include form numbers
PRT: administration: claims - time limits for claims
small typo corrected
PRT: administration: returns by participators - PRT 1
short title updated to include form number
PRT: administration: returns by responsible person - PRT 2
Short title corrected to include form number

published amendments

PRT: terminal liftings - allocation of oil sold under ‘Period of Entitlement’ and term contracts (Regulation 5)
short title shortened to aid navigation
PRT: terminal liftings - how terminals (and offshore loading facilities) operate - the loading programme
short title shortened to improve navigation
PRT: computation - received or receivable (including term and entitlement contracts)
table reformatted

published amendments

PRT: allowable field expenditure - subsidised expenditure
Missing space between text and link inserted
PRT: allowable field expenditure - prevention of double allowance
Missing space between text and link inserted
PRT: allowable field expenditure - tariff related expenditure
Missing space between text and link inserted
PRT: allowable field expenditure - insurance
Missing spaces between text and links inserted
PRT: allowable field expenditure - material stocks
Missing space between text and link inserted
PRT: allowable field expenditure - transporting
missing spaces added between text & links
PRT: allowable field expenditure - winning
repeated word removed
PRT: allowable field expenditure - outline
missing spaces added to separate text from links

published amendments

Corporation tax ring fence: hire of relevant assets: contents
title amended to include word "contents"
Corporation tax ring fence: first-year allowances for a ring fence trade - contents
page title amended to show it is a contents page
PRT: appendices - PRT forms
link to forms mended
PRT: meaning of expenditure incurred and timing issues - time when expenditure is incurred
Missing space between text and link inserted
PRT: meaning of expenditure incurred and timing issues - background
Missing spaces between text and links inserted
PRT: Foreign Fields - Abolition of PRT - Foreign and Transmedian Fields
Missing space between text and link inserted

published amendments

Capital Allowances: Research and Development Allowances: 1967 Memorandum - Successive Stages of Work - Stages 3, 4 &5
correction to formatting
Capital Allowances: Research and Development Allowances: 1967 Memorandum - Successive Stages of Work - Stages 1 & 2
formatting and numbering corrected - corrupted when new web page converted from old.

published amendments

Non-residents working on the UK continental shelf: transfer pricing: advance pricing agreements
Link amended.
Changes to reflect changes in governance, CTIS policy and the advent of the hire cap legislation.

published amendments

Non-residents working on the UK continental shelf: transfer pricing: advance pricing agreements
Return to original.

published amendments

Non-residents working on the UK continental shelf: transfer pricing: advance pricing agreements
Evolving APA practice.

published amendments

Oil contractors ring fence: calculating the hire cap: total expenditure - enhancement costs
Typo

2017

published amendments

PRT appendices - elections for oil fields to become non-taxable
Format
Formatting
Formatting
This page has been changed to reflect changes made at Autumn Statement 2016 to the opt-out for PRT. The Introduction and How Legislation Works sections have been changed and two new sections have been added.
PRT: oil allowance - amount of allowance
Text deleted to reflect changes to PRT administration made at Autumn Statement 2016.
PRT: oil allowance - background
This change reflects changes made to PRT administration at Autumn Statement 2016.
PRT: administration: payment provisions - instalments
This reflects changes made to PRT administration made at Autumn Statement 2016
PRT: administration: payment provisions - payment on account
This change reflects changes made to PRT administration at Autumn Statement 2016.
PRT: administration: payment provisions - payment on account - PRT 6
This change reflects changes to PRT administration made at Autumn Statement 2016.
PRT: administration: returns by participators - PRT 6
This change reflects changes made to PRT administration at Autumn Statement 2016
PRT: administration: returns by participators - PRT 1A
This change reflects a change to the opt-out for PRT made at Autumn Statement 2016.
PRT: administration: returns by participators - PRT 1
This change reflects changes to PRT administration at Autumn Statement 2016.
PRT: administration: returns by responsible person - PRT 2
This change has been made to reflect changes to PRT administration made at Autumn Statement 2016.
PRT: appendices - PRT forms
The change to content is to reflect changes made at Autumn Statement 2016.

published amendments

PRT appendices - elections for oil fields to become non-taxable
updated
update
update
updated
updated

published amendments

PRT: allowable field expenditure - contents
Correcting typo

2018

published amendments

Non-Residents Working on the UK Continental Shelf: Scope of Exploration or Exploitation Activities - Interpretation of “carried on in connection with”
To make explicit that decommissioning is included within the definition of an activity carried on in connection with exploitation. It is a clarification of exisiting policy and does not represent a change in approach.

published amendments

Non-Residents Working on the UK Continental Shelf: Introduction - Taxation of Offshore Activities
Test
Test
Test

published amendments

Field allowance: amount of field allowance for an accounting period where equity share changes
Formatting
Formatting
Holding note to advise of change in legislation.
Field allowance: authorisation of development
Holding note to advise of change in legislation.
Field allowance: changes to the legislation may be made by regulation
Holding note to advise of change in legislation.
Field allowance: overview of the amount available
Formatting
Formatting
Formatting
Holding note to advise of change in legislation.
Field allowance: application of field allowance after changes to adjusted ring fence profits
Holding note to advise of change in legislation.
Field allowance: transfer of field allowance where the equity share changes
Formatting
Holding note to advise of change in legislation.
Field allowance: amount of field allowance for an accounting period where equity share is unchanged
Formatting
Holding note to advise of change in legislation.
Field allowance: the unactivated amount of a field allowance
Formatting
Holding note to advise of change in legislation.
Field allowance: the total amount of field allowance available, additionally developed oil fields
Formatting
Holding note to advise of change in legislation.
Field allowance: the total amount of field allowance available, new oil fields
Formatting
Holding note to advise of change in legislation.
Field allowance: definition of a qualifying field
Formatting
Holding note to advise of change in legislation.
Field allowance: previously decommissioned fields
Formatting
Holding note to advise of change in legislation.
Field allowance: what is the field allowance?
Formatting
Holding note to advise of change in legislation.
Field allowance: the background and underlying policy
Formatting
Formatting
Holding note to advise of change in legislation.

published amendments

Oil Industry accounting: joint venture accounting - IFRS - summary of the nature of relationships and accounting treatment
formatting
Added subtitle so page shows up in Contents.

published amendments

Oil contractors ring fence: contents
Capitalisation of title amended.

published amendments

PRT: transfer of licence interests - provisional expenditure allowance
Header change and ref to inspector.
PRT: transfer of licence interests - successive transfers
Header changed.
PRT: transfer of licence interests - exempt gas
Heading amended.
PRT: transfer of licence interests - unused losses
Header change
PRT: transfer of licence interests - unused expenditure relief
Header change.

published amendments

PRT: transfer of licence interests - terminal losses accruing in chargeable period ending after 17 March 2004
Header amended.
PRT: transfer of licence interests - surrender of new participator’s loss
Header amended.
PRT: transfer of licence interests - payments on account
Header amended.
PRT: transfer of licence interests - licence debit/credit
Header amended.

published amendments

PRT: transfer of licence interests - oil allowance
Header amended.
PRT: transfer of licence interests - non-field expenditure
Header amended.
PRT: transfer of licence interests - terminal losses: example 3
Column deleted.
PRT: transfer of licence interests - terminal losses: example 2
Column deleted.
PRT: transfer of licence interests - terminal losses: example 1
Removed unnecessary table column.

published amendments

PRT: transfer of licence interests - net profit period
Header amended.
PRT: transfer of licence interests - treatment of overriding royalty
Header amended.
PRT: transfer of licence interests - transfers of oil
Header amended.
PRT: transfer of licence interests - long-term asset disposals
Header changed and ref to ICTA88 updated to CTA10.

published amendments

PRT: penalties - penalty provisions: late returns
Header amended.
PRT: penalties: contents
Page added
PRT: penalties - chargeable periods ending on or after 30 June 2010
Link added

published amendments

PRT: Safeguard - Adjusted Profit
Header amended and ref typo.
PRT: Safeguard - Basic Calculation
Header amended.

published amendments

PRT: Safeguard - Deferred Expenditure Claims - Example 3
Ref to 50% illustrative rate added.
PRT: Safeguard - Deferred Expenditure Claims - Example 2
Columns removed and ref to illustrative PRT rate added.
PRT: Safeguard - Deferred Expenditure Claims - Example 1
Empty columns removed.
PRT: Safeguard - Deferred Expenditure Claims
Headers amended.
PRT: Safeguard - Supplement
Amended header.
PRT: Safeguard - Expenditure Allowed on Appeal, Late or Reclassified
Updated review date.
PRT: Safeguard - Limit on Chargeable Periods
Header amended. Bullets tidied up. Column removed from table.
PRT: Safeguard - Interaction with Spreading Election
Header amended. Note added to reflect repeal of legislation.
PRT: Safeguard - Example
Note to make clear 50% rate is for illustrative purposes.
PRT: Safeguard - Accumulated Capital Expenditure
Header amended. Colon added.

published amendments

PRT: oil allowance - late expenditure claims
Header change.
PRT: oil allowance - reallocation of oil allowance in final periods
Header amended.
PRT: oil allowance - treatment of gas
Empty column deleted.
PRT: oil allowance - oil won and saved
Updated review date.
PRT: oil allowance - calculation of cash equivalent
Header amended.
PRT: oil allowance - amount of allowance
Header amended. Note re spreading elections added.
PRT: oil allowance - entitlement
Amended review date.
PRT: oil allowance - background
Emphasis added.
Emphasis added.
Review date.

published amendments

PRT: allowable losses - unrelievable field losses - associated party claims
Review date amended.
PRT: allowable losses - unrelievable field losses - link to chargeable periods
Capitalisation amended.
PRT: allowable losses - set off against future periods
Header amended.
PRT: allowable losses - set off against preceding periods
Header changed. Column removed. Ref to ICTA88 updated.
PRT: allowable losses - outline
Amended review date.

published amendments

PRT: allowable losses - repayment interest
Updated review date.
Ref to case amended.
PRT: allowable losses - stranded losses
Font size + column removed.
PRT: allowable losses - unrelievable field losses: licence transfers - anti-avoidance - examples
Unnecessary columns removed.
PRT: allowable losses - unrelievable field losses: licence transfers - anti-avoidance - details
Punctuation added.
PRT: allowable losses - unrelievable field losses: licence transfers: anti-avoidance - background
Header amended.
PRT: allowable losses - transfer of licence inerests
Updated review date.
PRT: allowable losses - unrelievable field losses: permanent cessation of production but further PRT assessable income
Removal of ref to Note 7 of PRT47.
PRT: allowable losses - unrelievable field losses - unrelated field expenditure
Updated review date.
PRT: allowable losses - unrelievable field losses - acquisition of interests in producing fields
Reference to OT30813 added.

published amendments

Capital Allowances: Research and Development Allowances: Joint memorandum of 1967
Reference to scientific research allowance added.
Capital Allowances: Research and Development Allowances: 1967 Memorandum - Details
Header update and legislative references added.
Capital Allowances: Research and Development Allowances: The purchase of the results of past exploration work
Header change.
Capital Allowances: Research and Development Allowances: Disposal of a licence for an undeveloped area
Update header.
Capital Allowances: Research and Development Allowances: The allowance of certain drilling expenditure
Header amended.

published amendments

PRT: tax-exempt tariffing receipts - transitional provision
Header amended.
PRT: tax-exempt tariffing receipts - excepted assets - assets subject to excess capacity election
Header amended.
PRT: tax-exempt tariffing receipts - excepted assets - tankers and tanker loading fields
Punctuation.
PRT: tax-exempt tariffing receipts - excepted assets - assets wholly situated in an existing field
Header amended.
PRT: tax-exempt tariffing receipts - definition of qualifying existing field
Review date updated.
PRT: tax-exempt tariffing receipts - transmedian fields
Review date updated.
PRT: tax-exempt tariffing receipts - foreign fields
Header amended.
PRT: tax-exempt tariffing receipts - definitions of New Field, Existing Field & UK Recommissioned Field
Header amended.
PRT: tax-exempt tariffing receipts - definition
Header added.
PRT: tax-exempt tariffing receipts - outline
Formatting.
Change of layout.

published amendments

PRT: tax-exempt tariffing receipts - cost allocation calculation
Review date updated.
PRT: tax-exempt tariffing receipts - participators in common and connected party transactions
Review date updated.
PRT: tax-exempt tariffing receipts - cost allocation - application of the modified approach
Review date updated.
PRT: tax-exempt tariffing receipts - cost allocation the modified approach
Review date updated.
PRT: tax-exempt tariffing receipts - tax-exempt tariffing receipts - related expenditure
Review date updated.
PRT: tax-exempt tariffing receipts - operation of transitional provision
Review date update.

published amendments

PRT: tariff and disposal receipts - chargeable field
Header amended.
PRT: tariff and disposal receipts - definition of qualifying assets
Header change.
PRT: tariff and disposal receipts - definition of disposal receipts
Header amended.
PRT: tariff and disposal receipts - definition of tariff receipts
Header amended.

published amendments

PRT: allowable losses - unrelievable field losses: licence transfers - anti-avoidance - examples
Tables reformatted, no change to text
PRT: tariff and disposal receipts - cessation of field or tariff use
Minor amendments.
PRT: tariff and disposal receipts - participators in common
Minor amendments.
Minor amendments.
PRT: tariff and disposal receipts - valuing the consideration
Reference to PRT team co-ordinator amended to PRT team leader.

published amendments

PRT: tariff and disposal receipts - reduction of disposal receipts for tax-exempt tariffing use
Indent.
Table amended.

published amendments

PRT: tariff and disposal receipts - consideration received by connected persons under avoidance schemes
Header change.
PRT: tariff and disposal receipts - insurance receipts
Header change.
PRT: tariff and disposal receipts - restriction of supplement on disposal
Header amended.

published amendments

PRT: tariff and disposal receipts: qualifying tariff receipts
Header change.
PRT: tariff and disposal receipts: definition of a user field
Outdated references to manual sections removed.
PRT: tariff and disposal receipts: tariff receipts allowance
Review date only.
PRT: tariff and disposal receipts - definitions of connected person
Header amended.
Ref to ICTA88 amended. Header changed. Bullet list amended.
PRT: tariff and disposal receipts - purchase of oil at place of extraction
Header change.
PRT: tariff and disposal receipts - use by connected or associated person under avoidance scheme
ICTA reference updated. Header change.
PRT: tariff and disposal receipts - transactions not at arm's length
Header change.