Closed consultation

Draft legislation: oil and gas taxation – investment and cluster area allowances

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Summary

We are inviting comments on a draft statutory instrument for an extension to the oil and gas investment and cluster area allowances to include tariff receipts as relevant income.

This consultation ran from
to

Consultation description

This consultation will be of interest to oil and gas companies operating in the UK and on the UK Continental Shelf (UKCS).

The draft legislation will expand the definition of relevant income for the investment and cluster area allowances to include tariff receipts, meaning that companies will be able to use tariff receipts to activate those allowances.

The legislation will take effect for accounting periods beginning on or after 16 September 2016.

Before submitting your views, we recommend that you read the:

  • draft statutory instrument
  • explanatory memorandum
  • tax information and impact note

Documents

The Investment Allowance and Cluster Area Allowance Regulations 2018 (draft)

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Explanatory memorandum: oil and gas taxation – investment and cluster area allowances

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If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Tax information and impact note: oil and gas taxation – investment and cluster area allowances

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Updates to this page

Published 23 July 2018

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