Policy paper

Oil and gas taxation: transferable tax history and retention of decommissioning expenditure

This measure deals with transferable tax history in Corporation Tax rules and makes changes to decommissioning costs rules in Petroleum Revenue Tax.

• From: HM Revenue & Customs
• Published: 6 July 2018
• Last updated: 7 November 2018 — See all updates

Documents

Oil and gas taxation: transferable tax history and retention of decommissioning expenditure

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Draft legislation - post-transfer decommissioning expenditure

PDF, 55.4 KB, 1 page

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Draft legislation - transferable tax history

PDF, 172 KB, 28 pages

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Explanatory note for oil activities

PDF, 457 KB, 14 pages

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Explanatory note for Petroleum Revenue Tax

PDF, 376 KB, 3 pages

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Draft guidance on Petroleum Revenue Tax

PDF, 235 KB, 1 page

Draft guidance on transferable tax history

PDF, 491 KB, 16 pages

Details

This measure provides a transferable tax history (TTH) mechanism for oil and gas companies operating on the UK Continental Shelf (UKCS) and amends the Petroleum Revenue Tax (PRT) rules on retained decommissioning costs.

Published 6 July 2018
Last updated 7 November 2018 + show all updates

1. 7 November 2018

   Updated versions of draft guidance on transferable tax history and Petroleum Revenue Tax have been added.

2. 31 October 2018

   The 'Exchequer impact (£m)' and 'Economic impact' sections have been updated.

3. 27 July 2018

   Draft guidance for Petroleum Revenue Tax and transferable tax history have been added.

4. 6 July 2018

   First published.