Oil extraction and related activities
Abandonment expenditure
Generally
Participator meeting defaulter's abandonment expenditure
Abandonment guarantees
Expenditure on
Activities treated as trade
Additionally-developed oil field
Adjustments
Assets held on 31 March 1982, excluded disposals
Associated companies, meaning
Authorisation of development of an oil field, meaning
Calculation of profits
Abandonment expenditure
Abandonment guarantees
Capital allowances
Deduction of petroleum revenue tax
Group relief
Interest on repayment of petroleum revenue tax/advance petroleum revenue tax
Loan relationships
Losses
Management expenses
Regional development grants
Sale and lease-back
Tariff receipts etc.
Valuation of oil
Capital allowances
Decommissioning expenditure
First-year qualifying expenditure
Mineral extraction trades
Oil production sharing contracts
Restrictions on allowances, anti-avoidance
Reuse etc. of offshore oil infrastructure
Ring fence trade
Transfer of interests
Charge to tax
Decommissioning of offshore oil infrastructure
Deduction of petroleum revenue tax in calculating income
Effect of repayment of petroleum revenue tax
Generally
Deemed separate trade
Double taxation relief claims , petroleum revenue tax
Exploration expenditure supplement
Accounting periods
Generally
Post-commencement supplement
Pre-commencement supplement
Qualifying companies
Qualifying expenditure
Relevant percentage
Straddling periods, special rule
Taxable ring fence profits
Unrelieved group ring fence profits for accounting periods
Exploration or exploitation activities, meaning
Exploration or exploitation assets, deemed disposals
Exploration or exploitation rights, meaning
Field allowances for eligible fields
Acquisition of equity share, holding by virtue of
Activation of
Change in equity share, activation of allowance
Change in equity share, transfer of allowance
Deep water gas fields
Licensee to hold
No change in equity share, activation of allowance
Part of pool carried into following period
Pool of
Reduction of adjusted ring fence profits
Total field allowance for a new field, meaning
Transfer of
Unactivated amount
Whole of pool carried into following period
Group relief
Income tax
Interest on repayment of petroleum revenue tax/advance petroleum revenue tax
Licence-holders' liabilities for tax assessed on non-residents
Exception for pre-1974 cases
Exemption certificates
Generally
Licence, meaning
Payments under secondary-liability notices
Related to a licence, meaning
Secondary-liability notices
Loan relationships
Credits to be brought into account, restriction
Debits to be brought into account, restriction
Loss relief
Carry-forward of loss relief
Claim period
Extension of period for
Generally
North Sea decommissioning costs
Sideways relief restriction
Transfer of trade to obtain, anti-avoidance provisions
Meanings
Mineral exploration and access, deductions for
Mineral extraction trade
Mineral leases
New oil field, meaning
Non-residents
Deemed disposals
Lessors
Offshore installations, meaning
Oil and gas exploration and appraisal, meaning
Oil extraction activities, meaning
Oil fields
Disposal of interests in
Replacement of business assets
Oil licences
Foreign oil concession
Intangible fixed assets, excluded
Overseas
Qualifying expenditure
Swaps
Undeveloped areas, disposals
Oil production sharing contracts
Disposal values on cessation of ownership
Expenditure incurred by contractor
Expenditure incurred by participator
Generally
Participator's expenditure attributable
Oil rights, meaning
Oil-related activities
Orders
Overview
Petroleum revenue tax
Deduction in calculating income for corporation tax
Double taxation arrangements, giving effect to
Interest on repayment
Market value for, same price application
Post-commencement supplement
Amount of
Generally
Group ring fence profits unrelieved, reduction for
Reference amount
Ring fence losses
Ring fence pool
Straddling periods
Pre-commencement supplement
Claims for
Disposal receipts under CAA2001, reduction
Generally
Group ring fence profits unrelieved, reduction for
Mixed pool
Reference amount
Qualifying oil field, meaning
Regional development grants
Reinvestment of ring fence assets
Acquisition by member of same group
Double claims disallowed
Exploration, appraisal and development expenditure
Generally
Part of consideration reinvested
Partial replacement of assets, relief
Qualification for roll-over relief
Ring fence investments, meaning
Whole consideration reinvested
Relocation of provisions
Research and development
Ring fence expenditure supplement
Accounting periods
Generally
Limit on number of accounting periods for which supplement may be claimed
Post-commencement supplement
Pre-commencement supplement
Qualifying companies
Qualifying pre-commencement expenditure
Relevant percentage
Taxable ring fence profits
Unrelieved group ring fence profits
Ring fence income, meaning
Ring fence profits, meaning
Ring fence trade
Capital allowances
Capital gains tax
Election to defer capital allowances
General decommissioning expenditure
General decommissioning expenditure incurred before/after cessation
General decommissioning expenditure, meaning
Instalment payments
Meaning
Post-cessation expenditure
Pre-cessation abandonment expenditure
Separate qualifying activity
Supplementary charge
Ring-fence trade
Transfer pricing
Sale and lease-back
Small oil filed, meaning
Supplementary charge
Adjusted ring fence profits, meaning
Assessment
Decommissioning expenditure
Election to defer capital allowances
Financing costs
Generally
Instalment payments
New oil field
Plant and machinery allowances
Postponement
Recovery of
Reduction for new oil field
Straddling period
Transitional provisions
Tariff receipts etc.
Territorial sea and designated areas
Total field allowance for a new field, meaning
Transfers of interests in oil fields, anti-avoidance
Ultra heavy oil field, meaning
Ultra high pressure/high temperature oil field, meaning
Valuation of oil
Appropriation but no disposal
Appropriation to refining etc.
Disposal not sale at arm's length
Market value for petroleum revenue tax
Nomination scheme, excess of nominated proceeds
Transportation costs
