SCHEDULES

SCHEDULE 2Consequential amendments

I12FA 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. 1

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