Back to contents

Updates: Oil Taxation Manual

2023

10 August 2023 published amendments

21 February 2023 published amendments

2021

22 December 2021 published amendments

PRT: valuation of crude oils and products - how to calculate category 1 values

Tables amended in line with accessibility guidelines.

2 February 2021 published amendments

2020

13 August 2020 published amendments

8 January 2020 published amendments

Oil contractors ring fence: the effect of the ring fence

Changes to reflect F(No2)A17 loss relief streaming rules.

2019

11 September 2019 published amendments

4 September 2019 published amendments

PRT: Valuation: contents

Review date amended.

3 September 2019 published amendments

27 August 2019 published amendments

22 August 2019 published amendments

PRT: appendices - valuation of LPG

Archiving reason text added.

Page archived.

PRT: appendices - review of LPG methodology

Page archived.

PRT: appendices - Commingling

Page archived.

14 August 2019 published amendments

Interest and Financing: Charges which were not allowed against Ring Fence profits

Page archived.

Interest and Financing: Charges paid to associates

Page archived.

PRT: royalty - licence debit and credit

Archiving reason text added.

Page archived.

PRT: royalty - licence payments

Archiving reason text added.

Page archived.

PRT: royalty - royalty paying fields

Archiving reason text added.

Page archived.

PRT: royalty - royalty payable

Archiving reason text added.

Page archived.

PRT: royalty - royalty -paid

Archiving reason text added.

Page archived.

PRT: royalty - periodic payments

Archiving reason text added.

Page archived.

PRT: royalty - transfers of interest

Archiving reason text added.

Page archived.

PRT: royalty - chargeable or allowable

Archiving reason text added.

Page archived.

PRT: royalty - contents

Links to: OT05501, OT05505, OT05510, OT05515, OT05520, OT05525, OT05530, OT05535, OT05540 archived.

Page archived.

PRT: Valuation: contents

Link to OT05500 archived.

PRT: supplement - contractor financing: example

Page archived.

PRT: supplement: contents

Link to OT12600 archived.

13 August 2019 published amendments

Corporation tax ring fence: onshore allowance - reduction of adjusted ring fence profits

Sections on straddling periods and interaction of field allowance and onshore allowance removed.

17 July 2019 published amendments

PRT: Foreign Fields - Double Taxation Relief

Rewritten to reflect changes to legislation.

3 June 2019 published amendments

Capital Allowances: Industrial Buildings or Structures: contents

Page archived.

Capital allowances: contents

Links to OT26080 OT26200 OT26400 removed.

Capital Allowances: Research and Development Allowances: Introduction

Para on exploration expenditure supplement deleted as legislation repealed and associated guidance archived.

8 April 2019 published amendments

19 March 2019 published amendments

13 March 2019 published amendments

Capital Allowances: Exploration Expenditure Supplement: Introduction

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Qualifying Companies and Qualifying Expenditure

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Accounting periods

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Unrelieved Group Ring Fence Profits

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Relevant percentage for calculating the EES

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Pre-Commencement Supplement

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Licence disposals and group relief - reductions to the pre-commencement mixed pool

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Claims for pre-commencement EES

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Post-Commencement Period

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Ring fence losses and Qualifying E&A losses

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Pools of qualifying E&A losses and non qualifying losses

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Post-commencement EES - Using the pools

Page archived.

Capital Allowances: Exploration Expenditure Supplement: Post commencement EES pools - Straddling periods

Page archived.

Capital Allowances: Exploration Expenditure Supplement: contents

Page archived.

12 March 2019 published amendments

Capital allowances: extended ring fence expenditure supplement for onshore activities - qualifying pre-commencement onshore expenditure

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - the mixed pool of qualifying pre-commencement onshore expenditure and supplement previously allowed

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - reduction for disposal proceeds under the capital allowances act from the pre-commencement mixed pool

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - reduction in respect of unrelieved group ring fence profits from the pre-commencement mixed pool

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - additional supplement in respect of a post-commencement period

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - onshore ring fence losses

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - the onshore ring fence pool

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities: the reference amount for a post-commencement period

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - post-commencement pools - reductions in respect of utilised onshore ring fence losses

Page archived.

Capital allowances: extended ring fence expenditure supplement for onshore activities - post-commencement pools - reductions in respect of unrelieved group ring fence profits

Page archived.

Capital allowances - extended ring fence expenditure supplement for onshore activities : contents

Page archived.

6 February 2019 published amendments

Oil Industry accounting: Generally Accepted Accounting Practice

Oil Taxation Manual Update Project

Oil industry accounting: Companies Act 2006 and use and application of accounting standards in the UK

Oil Taxation Manual Update Project

Oil Industry accounting: adoption of IFRS by UK companies

Page archived.

Oil Industry accounting: IFRS 6 - exploration for and evaluation of mineral resources

Manual update project.

Oil Industry accounting: use and application of UK accounting standards

Page archived.

Oil Industry accounting: statements of recommended practice

Page archived.

Oil Industry accounting: successful efforts and full cost methods of accounting

Oil Taxation Manual Update Project

Oil Industry accounting: the full costs accounting method

Page archived.

Oil Industry accounting: the successful efforts accounting method

Page archived.

Oil Industry accounting: joint venture accounting - FRS 102

Oil Taxation Manual Update Project

Oil Industry accounting: joint venture accounting - FRS 102 - summary of the nature of relationships and accounting treatment

Oil Taxation Manual Update Project

Oil Industry accounting: joint venture accounting - IFRS

Oil Taxation Manual Update Project

Oil Industry accounting: joint venture accounting - IFRS - summary of the nature of relationships and accounting treatment

Oil Taxation Manual Update Project

Oil Industry accounting: underlift and overlift

Oil Taxation Manual update project.

Oil Industry accounting: disclosure of commercial reserve quantities

Oil Taxation Manual update project.

Oil Industry accounting: contents

Links to OT02025, OT02040, OT02070, OT02086, OT02087 archived.

Capital gains: consideration other than cash: licence swaps - disposals made before 22 April 2009

Page archived.

22 January 2019 published amendments

21 January 2019 published amendments

2018

18 September 2018 published amendments

PRT: Safeguard - Interaction with Spreading Election

Header amended. Note added to reflect repeal of legislation.

2017

14 February 2017 published amendments

PRT appendices - elections for oil fields to become non-taxable

This page has been changed to reflect changes made at Autumn Statement 2016 to the opt-out for PRT. The Introduction and How Legislation Works sections have been changed and two new sections have been added.

PRT: appendices - PRT forms

The change to content is to reflect changes made at Autumn Statement 2016.

PRT: administration: returns by responsible person - PRT 2

This change has been made to reflect changes to PRT administration made at Autumn Statement 2016.

PRT: administration: returns by participators - PRT 1

This change reflects changes to PRT administration at Autumn Statement 2016.

PRT: administration: returns by participators - PRT 1A

This change reflects a change to the opt-out for PRT made at Autumn Statement 2016.

PRT: administration: returns by participators - PRT 6

This change reflects changes made to PRT administration at Autumn Statement 2016

PRT: administration: payment provisions - payment on account - PRT 6

This change reflects changes to PRT administration made at Autumn Statement 2016.

PRT: administration: payment provisions - payment on account

This change reflects changes made to PRT administration at Autumn Statement 2016.

PRT: administration: payment provisions - instalments

This reflects changes made to PRT administration made at Autumn Statement 2016

PRT: oil allowance - background

This change reflects changes made to PRT administration at Autumn Statement 2016.

PRT: oil allowance - amount of allowance

Text deleted to reflect changes to PRT administration made at Autumn Statement 2016.