HMRC has published two sets of draft guidance for the oil taxation manual, concerning transferable tax history for ring-fence corporation tax, and petroleum revenue tax (PRT) relief for retained decommissioning costs.
This guidance relates to the draft Finance Bill 2019 legislation introducing transferable tax history and PRT relief when field licences are transferred on or after 1 November 2018.
the draft guidance on petroleum revenue tax contains new section OT09650: ‘PRT allowable field expenditure – subsidised expenditure – decommissioning expenditure’; and
the draft guidance on transferable tax history contains new chapter OT60000.
HMRC has published two sets of draft guidance for the oil taxation manual, concerning transferable tax history for ring-fence corporation tax, and petroleum revenue tax (PRT) relief for retained decommissioning costs.
This guidance relates to the draft Finance Bill 2019 legislation introducing transferable tax history and PRT relief when field licences are transferred on or after 1 November 2018.
the draft guidance on petroleum revenue tax contains new section OT09650: ‘PRT allowable field expenditure – subsidised expenditure – decommissioning expenditure’; and
the draft guidance on transferable tax history contains new chapter OT60000.
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