Energy (Oil and Gas) Profits Levy Act 2022
Energy (Oil and Gas) Profits Levy Act 2022 (2022 c. 40)
- Energy (Oil and Gas) Profits Levy Act 2022 (2022 c. 40)
- Charge to tax
- 1 Charge to tax
- Relief for investment expenditure
- 2 Additional expenditure treated as incurred for purposes of section 1
- 2A Section 2: meaning of expenditure on “de-carbonisation of upstream petroleum production”
- 3 Section 2: meaning of “operating expenditure”
- 4 Section 2: meaning of “leasing expenditure”
- 5 Section 2: meaning of “disqualifying purposes”
- 6 Recycling etc of assets to generate relief
- 7 When investment expenditure is incurred
- Financing and decommissioning costs
- 8 Meaning of “financing costs” etc
- 9 Meaning of “decommissioning costs”
- Qualifying levy losses
- 10 Relief for qualifying levy losses
- Management and administration etc
- 11 Application of corporation tax provisions
- 12 Requirement to provide information about payments
- 13 Adjustments
- Final provisions
- 14 Consequential provision
- 15 Transitional provision for accounting periods straddling 26 May 2022
- 16 Transitional provision for accounting periods straddling 31 March 2030
- 17 Rules for apportioning profits or loss to separate accounting periods
- 17A Circumstances in which the levy ends early: energy security investment mechanism
- 17B Section 17A: supplementary provision
- 18 Interpretation
- 19 Short title
- SCHEDULES
- SCHEDULE 1 Reliefs
- PART 1 Carry back or forward of qualifying levy losses
- Carry back of qualifying levy losses to earlier qualifying accounting periods
- Carry forward of qualifying levy losses to subsequent qualifying accounting period
- PART 2 Group relief for qualifying levy losses
- Introduction
- Surrender of company’s losses for an accounting period
- Claims for levy group relief
- Giving of levy group relief
- Limitation on amount of levy group relief to be given
- Arrangements for transfer of companies
- Payments for relief
- Meaning of “company” and “group”
- PART 3 General provision
- Prohibition on claiming relief more than once for the same amount
- Change in company ownership
- Transfers of trade without a change of ownership
- Counteracting tax advantage involving qualifying levy losses
- SCHEDULE 2 Consequential amendments
- TMA 1970
- FA 1998
- Instalment Payments Regulations 1998
- CTA 2010
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