Policy paper
Oil and Gas taxes: providing relief for certain payments made into Carbon Capture Usage and Storage decommissioning funds
This tax information and impact note is about changes to tax relief for assets repurposed for use from oil and gas activity to Carbon Capture Usage and Storage activity.
Documents
Details
This measure provides tax relief for payments made into decommissioning funds when the payment is associated with the transfer of an asset from an oil and gas company to a Carbon Capture Usage and Storage company. The measure also exempts from the Energy Profits Levy the related payments made by the Carbon Capture Usage and Storage company to the oil and gas company in respect of those transferred assets.