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Brown field allowance: draft regulations

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The draft Additionally-Developed Oil Fields Order 2013 specifies the conditions for a new ‘brown field’ allowance, reducing the ring fence profits to which the supplementary charge applies, and sets out how the allowance is to be calculated.

HMRC has invited comments by 26 April on the draft statutory instrument and explanatory memorandum.

HM Treasury said last September that the new allowance would encourage companies to invest in ‘getting the very most out of existing fields and infrastructure in the UK continental shelf’.