Energy (Oil and Gas) Profits Levy Act 2022 section 6-7

Introduction

Section 6-7 introduces the concept of levy group relief, which allows qualifying levy losses to be transferred between companies within the same group.

• A company with a qualifying levy loss (the "surrendering company") may surrender that loss to another company in the same group (the "claimant company")
• The claimant company can then claim relief from the Energy Profits Levy based on the surrendered loss, known as "levy group relief"
• The "surrender period" is the qualifying accounting period in which the surrendering company has the loss
• "Surrenderable amounts" are the portions of a qualifying levy loss that are eligible for surrender under these rules