Companies in the oil industry are subject to the same corporation tax regime as other companies, but with certain extensions and modifications. The main differences are as follows:

(1)activities concerned with the exploration and exploitation of the mineral resources of the UK continental shelf are brought within the charge to corporation tax by treating activities carried on, and assets situated in the continental shelf, as carried on and situated in the UK. This extension to UK jurisdiction catches mainly non-residents and, in particular, non-resident contractors;

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