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Finance Act 2012


1.Section 183 and Schedule 21 restrict the relief available for decommissioning expenditure for Supplementary Charge (SC) purposes to 20 per cent. They do so by increasing the profits liable to the SC where decommissioning expenditure is taken into account in computing those profits. Where such expenditure reduces the amount of Petroleum Revenue Tax “PRT” chargeable the section also provides a reduction from profits liable to the SC where the profits resulting from the reduction in PRT would be subject to SC at a rate of more than 20 per cent. The schedule also provides that losses arising from mineral extraction allowances given in respect of decommissioning expenditure are brought within the scope of the provision which extends the periods for which loss relief may be given.

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