Energy (Oil and Gas) Profits Levy Act 2022 section 13

Adjustments

Section 13 deals with the adjustments that must be made when a company's ring fence profits or losses are altered after the Energy Profits Levy has already been applied.

• If a company's ring fence profits or losses for an accounting period change after the levy has been applied, adjustments are required
• The adjustments must ensure the levy operates correctly in light of the revised profit or loss figures
• Adjustments are not limited to the profits or losses themselves — they extend to any other aspect of the Act's operation that is affected
• The requirement to adjust is mandatory: all necessary corrections must be made to reflect the altered position