Energy (Oil and Gas) Profits Levy Act 2022 section 10

Giving of levy group relief

Section 10 explains how levy group relief is actually given to the claimant company, including the amount of the deduction and the order in which it is applied.

• Levy group relief is given as a deduction from the claimant company's qualifying levy profits for the claim period
• The deduction equals either the full surrenderable amounts of the surrendering company or, if the claim covers only part of those amounts, the claimed portion
• The claimant company must have made a valid claim under paragraph 9, with the surrendering company's consent, before the deduction can be applied
• The levy group relief deduction is applied after any relief already given under paragraph 1