Energy (Oil and Gas) Profits Levy Act 2022

1. Introductory Text

2. Charge to tax

   1. 1. Charge to tax

3. Relief for investment expenditure

   1. 2. Additional expenditure treated as incurred for purposes of section 1

   2. 2A. Section 2: meaning of expenditure on “de-carbonisation of upstream petroleum production”

   3. 3. Section 2: meaning of “operating expenditure”

   4. 4. Section 2: meaning of “leasing expenditure”

   5. 5. Section 2: meaning of “disqualifying purposes”

   6. 6. Recycling etc of assets to generate relief

   7. 7. When investment expenditure is incurred

4. Financing and decommissioning costs

   1. 8. Meaning of “financing costs” etc

   2. 9. Meaning of “decommissioning costs”

5. Qualifying levy losses

   1. 10. Relief for qualifying levy losses

6. Management and administration etc

   1. 11. Application of corporation tax provisions

   2. 12. Requirement to provide information about payments

   3. 13. Adjustments

7. Final provisions

   1. 14. Consequential provision

   2. 15. Transitional provision for accounting periods straddling 26 May 2022

   3. 16. Transitional provision for accounting periods straddling 31 March 2028

   4. 17. Rules for apportioning profits or loss to separate accounting periods

   5. 18. Interpretation

   6. 19. Short title

8. SCHEDULES

   1. SCHEDULE 1

      Reliefs

      1. PART 1 Carry back or forward of qualifying levy losses

         1. 1. Carry back of qualifying levy losses to earlier qualifying accounting periods

         2. 2. (1) This paragraph applies if an accounting period falls partly...

         3. 3. (1) Relief under paragraph 1 is not available for a...

         4. 4. (1) This paragraph applies if— (a) a company ceases to...

         5. 5. Carry forward of qualifying levy losses to subsequent qualifying accounting period

      2. PART 2 Group relief for qualifying levy losses

         1. 6. Introduction

         2. 7. In this Part of this Schedule, in relation to a...

         3. 8. Surrender of company’s losses for an accounting period

         4. 9. Claims for levy group relief

         5. 10. Giving of levy group relief

         6. 11. Limitation on amount of levy group relief to be given

         7. 12. Arrangements for transfer of companies

         8. 13. Payments for relief

         9. 14. An amount which is, as a result of paragraph 13,...

         10. 15. Meaning of “company” and “group”

         11. 16. For the purposes of this Part of this Schedule, two...

      3. PART 3 General provision

         1. 17. Prohibition on claiming relief more than once for the same amount

         2. 18. Change in company ownership

         3. 19. Transfers of trade without a change of ownership

         4. 20. Counteracting tax advantage involving qualifying levy losses

   2. SCHEDULE 2

      Consequential amendments

      1. 1. TMA 1970

      2. 2. FA 1998

      3. 3. Instalment Payments Regulations 1998

      4. 4. CTA 2010