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North Sea oil and gas investment allowance

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HMRC is consulting until 27 January 2016 on The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations, SI 2016/Draft, which extend the scope of both the investment allowance and cluster area allowance available to North Sea oil and gas companies in order to reduce their adjusted ring-fence profits subject to the corporation tax supplementary charge. HMRC has also published a tax impact and information note ( alongside the draft legislation. The regulations will have effect for expenditure incurred on or after 8 October 2015 and broaden the definition of investment expenditure to include certain types of discretionary operational expenditure and lease payments. See

Issue: 1291
Categories: News