Energy (Oil and Gas) Profits Levy Act 2022 section Schedule 2 paragraph 1

Amendments to the Taxes Management Act 1970

Schedule 2 paragraph 1 amends the Taxes Management Act 1970 so that the Energy Profits Levy is treated in the same way as corporation tax for purposes of payment timing and group payment arrangements.

• The Energy Profits Levy is brought within the existing corporation tax payment framework by amending Part 5A of the Taxes Management Act 1970.
• For the purposes of determining when tax is due and payable, any sum chargeable under the levy is treated as if it were corporation tax chargeable on the company.
• The same treatment applies to group payment arrangements, so that a nominated company can pay the levy on behalf of other group members, just as it can with corporation tax.
• These are consequential amendments that ensure the existing administrative machinery for collecting corporation tax applies equally to the new levy.