HMRC has published a note on the Finance Bill 2018 provisions amending the definition of ‘tariff receipts’ in corporation tax legislation with effect from 1 January 2018, aimed at removing any distinction between the treatment of tariff income arising from old (PRT) and new (non-PRT) oil fields for ring-fence corporation tax purposes. This is to clarify that HMRC regards all activities by UK petroleum licence holders giving rise to tariff income in relation to UK oil and gas assets as oil extraction activities.
The note confirms that HMRC will not enquire into company tax returns with respect to this issue for any accounting periods ending on or before 31 December 2017. See http://bit.ly/2iqK9dA.
HMRC has published a note on the Finance Bill 2018 provisions amending the definition of ‘tariff receipts’ in corporation tax legislation with effect from 1 January 2018, aimed at removing any distinction between the treatment of tariff income arising from old (PRT) and new (non-PRT) oil fields for ring-fence corporation tax purposes. This is to clarify that HMRC regards all activities by UK petroleum licence holders giving rise to tariff income in relation to UK oil and gas assets as oil extraction activities.
The note confirms that HMRC will not enquire into company tax returns with respect to this issue for any accounting periods ending on or before 31 December 2017. See http://bit.ly/2iqK9dA.
