Policy paper

Draft legislation: Corporation Tax - high pressure high temperature cluster area allowance

This draft legislation is about a new high pressure high temperature (HPHT) cluster area allowance.

• From: HM Revenue & Customs
• Published: 3 December 2014

Documents

Draft legislation: Corporation Tax - high pressure high temperature cluster area allowance

PDF, 260 KB, 17 pages

This file may not be suitable for users of assistive technology.

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.

Explanatory note: Corporation Tax - high pressure high temperature cluster area allowance

PDF, 192 KB, 5 pages

Details

The measure will introduce a new HPHT cluster area allowance to reduce the amount of adjusted ring fence profits subject to the supplementary charge. The portion of profits reduced by the allowance will be dependent on a company’s capital spend on cluster area oil and gas projects, and will be generated at 62.5% of that spend.

The measure will have effect from 3 December 2014 in respect of capital expenditure incurred on or after 3 December 2014 in relation to an HPHT cluster area.

A Tax Information and Impact Note for this measure has been published at Corporation Tax: high pressure high temperature cluster area allowance.

Published 3 December 2014