What does section 14 of the Energy (Oil and Gas) Profits Levy Act 2022 do?

Section 14 introduces Schedule 2, which sets out consequential amendments to existing United Kingdom legislation required as a result of the Energy (Oil and Gas) Profits Levy Act 2022. It serves as a gateway to the detailed technical amendments and does not itself create new policy, obligations, or reliefs beyond those already established by the Act.

What is the purpose of Schedule 2 under section 14 of the Energy Profits Levy Act?

Schedule 2 lists specific amendments to other Acts of Parliament, such as the Corporation Tax Act 2010 and the Oil Taxation Act 1975, necessary because of the new levy. These purely consequential changes update cross-references and definitions to ensure the wider body of tax and energy legislation remains internally consistent.

Do the consequential amendments in Schedule 2 create new tax charges or reliefs?

No. The amendments in Schedule 2 do not introduce any new tax charges or reliefs. They are purely technical and consequential changes that update existing legislation — such as inserting references to the Energy Profits Levy — so that the statute book works as an integrated and consistent whole.

Why is section 14 relevant for accountants advising oil and gas companies?

Accountants should be aware that Schedule 2, introduced by section 14, may have amended provisions in legislation they regularly consult, including the Corporation Tax Act 2010. When reviewing those enactments, the wording may have been updated to reflect the existence of the Energy Profits Levy, affecting cross-references and definitions.

Energy (Oil and Gas) Profits Levy Act 2022 section 14

Consequential provision

Section 14 introduces Schedule 2, which sets out the amendments needed to other existing legislation as a consequence of the Energy (Oil and Gas) Profits Levy Act 2022.

Schedule 2 contains amendments to other pieces of legislation that arise as a direct consequence of the Act.
These are technical and consequential changes required to ensure consistency across the statute book.
The amendments do not introduce new policy but adapt existing laws to reflect the introduction of the levy.
The section itself is brief, serving purely as the gateway to the detailed amendments set out in Schedule 2.

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