Section 81: Decommissioning Relief Agreements: Meaning of “Decommissioning Expenditure”
Summary
1.Section 81 defines “decommissioning expenditure” for the purposes of section 81
Details of the Section
2.Subsections (1) to (4) of this section define the categories of expenditure which constitute “decommissioning expenditure” for the purpose of section 81.
3.Subsections (5) and (6) provide that HM Treasury may amend this section by order, and this order may include transitional provision and savings. Where such an order is made it shall be subject to the negative resolution procedure.
Background
4.The amendments made by this section form part of the Government’s wider package of measures to provide greater certainty in respect of decommissioning tax relief, remove barriers to the transfer of licence interests and increase capacity for additional investment in the UK Continental Shelf.
