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Finance Act 2012

Background Note

35.Effective from 24 March 2011, the rate of Supplementary Charge increased from 20 per cent to 32 per cent.

36.Budget 2011 also announced that legislation would be introduced in Finance Act 2012, with effect from Budget 2012, to restrict the rate of tax relief for decommissioning expenses to 20 per cent for Supplementary Charge purposes.

37.The Schedule seeks to ensure that the principles governing the restriction of decommissioning relief are applied consistently to PRT and non-PRT fields.

38.The Schedule also seeks to provide consistency of treatment of decommissioning expenditure with regard to the restriction of relief and the access to the extended period for which losses can be carried back.

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