SCHEDULES
SCHEDULE 2Consequential amendments
I11TMA 1970
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.
I22FA 1998
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—
7BEnergy (oil and gas) profits levy
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—
- 1
Any amount chargeable by virtue of section 1 of the Energy (Oil and Gas) Profits Levy Act 2022.
I33Instalment Payments Regulations 1998
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;
I44CTA 2010
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)”
.