Energy (Oil and Gas) Profits Levy Act 2022

Section 14

SCHEDULE 2 U.K. Consequential amendments

TMA 1970 U.K.

1 (1) Part 5A of TMA 1970 (payment of tax) is amended as follows.

(2) In section 59E (further provision as to when corporation tax is due and payable), in subsection (11) after paragraph (e) insert—

“(f) to any sum chargeable on a company under section 1 of the Energy (Oil and Gas) Profits Levy Act 2022 as if it were an amount of corporation tax chargeable on the company.”

(3) In section 59F (arrangements for paying corporation tax on behalf of group members), in subsection (6)—

(a) omit “and” at the end of paragraph (c), and

(b) after paragraph (d) insert “, and

(e) to any sum chargeable on a company under section 1 of the Energy (Oil and Gas) Profits Levy Act 2022 as if it were an amount of corporation tax chargeable on the company.”

Commencement Information

I1 Sch. 2 para. 1 in force at Royal Assent

FA 1998 U.K.

2 (1) Schedule 18 to FA 1998 (company tax returns, assessments and related matters) is amended as follows.

(2) In paragraph 1 (meaning of “tax”)—

(a) omit the “and” at the end of the paragraph beginning “section 33 of the Finance Act 2022”, and

(b) at the end insert “, and

section 1 of the Energy (Oil and Gas) Profits Levy Act 2022.”

(3) After paragraph 7A insert—

“Energy (oil and gas) profits levy

7B (1) A company which has made any qualifying levy profits or loss in an accounting period must include in its company tax return for the accounting period a statement of—

(a) the qualifying levy profits or loss, and

(b) any relief which the company is given for that period under Schedule 1 to the Energy (Oil and Gas) Profits Levy Act 2022.

(2) Terms used in the Energy (Oil and Gas) Profits Levy Act 2022 have the same meaning in this paragraph as in that Act.”

(4) In paragraph 8(1) (calculation of tax payable), under the heading “Third step”, at the end insert—

“5.

Any amount chargeable by virtue of section 1 of the Energy (Oil and Gas) Profits Levy Act 2022.”

Commencement Information

I2 Sch. 2 para. 2 in force at Royal Assent

Instalment Payments Regulations 1998 U.K.

3 (1) The Instalment Payments Regulations 1998 are amended as follows.

(2) In regulation 3 (large and very large companies), in paragraph (9), at the end insert “and apart from the provision made by the Energy (Oil and Gas) Profits Levy Act 2022”.

(3) In regulation 5AZB, in the heading, for “and adjusted ring fence profits” substitute “, adjusted ring fence profits and levy profits”.

(4) In regulation 5A (instalment payments —ring fence profits and adjusted ring fence profits)—

(a) in paragraph (1)—

(i) for “and supplementary charge” substitute “, supplementary charge and energy (oil and gas) profits levy”, and

(ii) for “and adjusted ring fences profits” substitute “, adjusted ring fence profits and levy profits”, and

(b) in paragraph (9), after “the appropriate decimal” insert—

• ““energy (oil and gas) profits levy” has the same meaning as in the Energy (Oil and Gas) Profits Levy Act 2022;

• “levy profits” has the same meaning as in the Energy (Oil and Gas) Profits Levy Act 2022;”.

Commencement Information

I3 Sch. 2 para. 3 in force at Royal Assent

CTA 2010 U.K.

4 In section 270 of CTA 2010 (overview of Part 8: oil activities), in subsection (1), at the end insert “but also needs to be read with the Energy (Oil and Gas) Profits Levy Act 2022 (which imposes a tax in relation to ring fence profits)”.

Commencement Information

I4 Sch. 2 para. 4 in force at Royal Assent