UK Act of Parliament 2022 c. 40 United Kingdom

Energy (Oil and Gas) Profits Levy Act 2022

Read the Act on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Trader1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Trader — also bound by 864 other Acts
Companies Act 2006 244 duties
Companies Act 1985 85 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.012 Requirement to provide information about payments (opens in a new tab) Regulated
  • Notify HMRC of Energy Profits Levy paymentsTrader
s.017 Circumstances in which the levy ends early: energy security investment mechanism Regulated
Other duties (1) — Crown / regulator
  • Treasury must make regulations to end oil and gas levy early if prices are lowCrown / Minister / Government department
20 other provisions — procedural and definitional
s.001 Charge to tax (opens in a new tab)
s.002 Additional expenditure treated as incurred for purposes of section 1 (opens in a new tab)
s.002 Section 2: meaning of expenditure on “de-carbonisation of upstream petroleum production”
s.003 Section 2: meaning of “operating expenditure” (opens in a new tab)
s.004 Section 2: meaning of “leasing expenditure” (opens in a new tab)
s.005 Section 2: meaning of “disqualifying purposes” (opens in a new tab)
s.006 Recycling etc of assets to generate relief (opens in a new tab)
s.007 When investment expenditure is incurred (opens in a new tab)
s.008 Meaning of “financing costs” etc (opens in a new tab)
s.009 Meaning of “decommissioning costs” (opens in a new tab)
s.010 Relief for qualifying levy losses (opens in a new tab)
s.011 Application of corporation tax provisions (opens in a new tab)
s.013 Adjustments (opens in a new tab)
s.014 Consequential provision (opens in a new tab)
s.015 Transitional provision for accounting periods straddling 26 May 2022 (opens in a new tab)
s.016 Transitional provision for accounting periods straddling 31 March 2030 (opens in a new tab)
s.017 Rules for apportioning profits or loss to separate accounting periods (opens in a new tab)
s.017 Section 17A: supplementary provision
s.018 Interpretation (opens in a new tab)
s.019 Short title (opens in a new tab)
Schedules

Schedules

0 of 24 shown
24 other schedules
s.sch001 Carry back of qualifying levy losses to earlier qualifying accounting periods
s.sch001 Giving of levy group relief
s.sch001 Limitation on amount of levy group relief to be given
s.sch001 Arrangements for transfer of companies
s.sch001 Payments for relief
s.sch001 An amount which is, as a result of paragraph 13,...
s.sch001 Meaning of “company” and “group”
s.sch001 For the purposes of this Part of this Schedule, two...
s.sch001 Prohibition on claiming relief more than once for the same amount
s.sch001 Change in company ownership
s.sch001 Transfers of trade without a change of ownership
s.sch001 (1) This paragraph applies if an accounting period falls partly...
s.sch001 Counteracting tax advantage involving qualifying levy losses
s.sch001 (1) Relief under paragraph 1 is not available for a...
s.sch001 (1) This paragraph applies if— (a) a company ceases to...
s.sch001 Carry forward of qualifying levy losses to subsequent qualifying accounting period
s.sch001 Introduction
s.sch001 In this Part of this Schedule, in relation to a...
s.sch001 Surrender of company’s losses for an accounting period
s.sch001 Claims for levy group relief
s.sch002 TMA 1970
s.sch002 FA 1998
s.sch002 Instalment Payments Regulations 1998
s.sch002 CTA 2010

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.