Energy (Oil and Gas) Profits Levy Act 2022 section 8

Surrender of company's losses for an accounting period

Section 8 sets out the conditions under which a company may surrender its Energy Profits Levy losses to another group company.

• A company that has made a qualifying levy loss for a surrender period may surrender that loss
• The company must be part of a group to be eligible to surrender the loss
• Both conditions — having a qualifying levy loss and being part of a group — must be met before a surrender can take place
• This provision works alongside paragraphs 6 and 7, which together establish the framework for levy group relief