Energy (Oil and Gas) Profits Levy Act 2022 section 18

Interpretation

Section 18 provides the definitions glossary for the Energy (Oil and Gas) Profits Levy Act 2022, setting out where the meaning of key terms used throughout the Act can be found.

• Many oil and gas industry terms — such as "oil", "oil field", "ring fence trade", "ring fence profits", "oil extraction activities", "oil-related activities" and "associated company" — take their meanings from the existing corporation tax rules for oil companies in Part 8 of the Corporation Tax Act 2010.
• Levy-specific terms — including "energy (oil and gas) profits levy", "levy profits", "levy loss", "qualifying accounting period", "qualifying levy profits", "qualifying levy loss" and "investment expenditure" — are defined within the Act itself, principally in sections 1 and 2.
• A "facility" is defined as a platform, an oil well, a platform well, an oil well head or upstream petroleum infrastructure, with upstream petroleum infrastructure covering upstream petroleum pipelines, oil processing facilities and gas processing facilities as defined in the Energy Act 2011.
• The section also lists the abbreviated names used for other legislation referenced throughout the Act, including the Capital Allowances Act 2001, the Corporation Tax Acts of 2009 and 2010, the Taxes Management Act 1970, the Oil Taxation Act 1975 and the Corporation Tax (Instalment Payments) Regulations 1998.