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Energy (Oil and Gas) Profits Levy Act 2022

▸ Charge to tax
  • Section 1 – Charge to tax
▸ Relief for investment expenditure
  • Section 2 – Additional expenditure treated as incurred for purposes of section 1
  • Section 3 – Section 2: meaning of “operating expenditure”
  • Section 4 – Section 2: meaning of “leasing expenditure”
  • Section 5 – Section 2: meaning of “disqualifying purposes”
  • Section 6 – Recycling etc of assets to generate relief
  • Section 7 – When investment expenditure is incurred
  • Section 2A – Section 2: meaning of expenditure on “de-carbonisation of upstream petroleum production
▸ Financing and decommissioning costs
  • Section 8 – Meaning of “financing costs” etc
  • Section 9 – Meaning of “decommissioning costs”
▸ Qualifying levy losses
  • Section 10 – Relief for qualifying levy losses
▸ Management and administration etc
  • Section 11 – Application of corporation tax provisions
  • Section 12 – Requirement to provide information about payments
  • Section 13 – Adjustments
▸ Final provisions
  • Section 14 – Consequential provision
  • Section 15 – Transitional provision for accounting periods straddling 26 May 2022
  • Section 16 – Transitional provision for accounting periods straddling 31 March 2028
  • Section 17 – Rules for apportioning profits or loss to separate accounting periods
  • Section 18 – Interpretation
  • Section 19 – Short title
▸ Schedule 1 reliefs
  • ▸ Part 1 – Carry back or forward of qualifying levy losses (paras 1-5)
    • 1-4. Carry back of qualifying levy losses to earlier qualifying accounting periods
    • 5. Carry forward of qualifying levy losses to subsequent qualifying accounting period
  • ▸ Part 2 – Group relief for qualifying levy losses (paras 6-16)
    • 6-7. Introduction
    • 8. Surrender of company’s losses for an accounting period
    • 9. Claims for levy group relief
    • 10. Giving of levy group relief
    • 11. Limitation on amount of levy group relief to be given
    • 12. Arrangements for transfer of companies
    • 13-14. Payments for relief
    • 15-16. Meaning of “company” and “group”
  • ▸ Part 3 – General provision
    • 17. Prohibition on claiming relief more than once for the same amount
    • 18. Change in company ownership
    • 19. Transfers of trade without a change of ownership
    • 20. Counteracting tax advantage involving qualifying levy losses
▸ Schedule 2 Consequential amendments
  • 1.TMA 1970
  • 2. FA 1998
  • 3. Instalment Payments Regulations 1998
  • 4. CTA 2010
Schedule 2 Consequential amendments

Schedule 2 Consequential amendments

Contents

  • 1.TMA 1970 Section commentary
  • 2. FA 1998 Section commentary
  • 3. Instalment Payments Regulations 1998 Section commentary
  • 4. CTA 2010 Section commentary

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