Energy (Oil and Gas) Profits Levy Act 2022 section 12

Requirement to provide information about payments

Section 12 requires companies making payments of the energy profits levy to notify HMRC about those payments, so that the government can monitor levy receipts.

• When a company is chargeable to the levy and a payment is made (by the company itself or on its behalf) that is wholly or partly in respect of the levy, the "responsible company" must notify HMRC of the levy portion of the payment on or before the date the payment is made.
• The responsible company is either the chargeable company itself, or — where group payment arrangements exist — the group company that has agreed to discharge the chargeable company's levy liability for the relevant accounting period.
• Failure to comply with the notification requirement can result in penalties, because the obligation is treated as if it were an HMRC information notice, bringing it within HMRC's standard penalty regime for information and inspection powers.
• The notification requirement may be modified or overridden by regulations dealing with when corporation tax is due and payable.