UK Act of Parliament
2022
United Kingdom
Energy (Oil and Gas) Profits Levy Act 2022
At a glance
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 24 other Schedules — structural / supplementary
Giving of levy group relief
Limitation on amount of levy group relief to be given
Arrangements for transfer of companies
Payments for relief
An amount which is, as a result of paragraph 13,...
Meaning of “company” and “group”
For the purposes of this Part of this Schedule, two...
Prohibition on claiming relief more than once for the same amount
Change in company ownership
Transfers of trade without a change of ownership
(1) This paragraph applies if an accounting period falls partly...
Counteracting tax advantage involving qualifying levy losses
(1) Relief under paragraph 1 is not available for a...
(1) This paragraph applies if— (a) a company ceases to...
Carry forward of qualifying levy losses to subsequent qualifying accounting period
Introduction
In this Part of this Schedule, in relation to a...
Surrender of company’s losses for an accounting period
Claims for levy group relief
TMA 1970
FA 1998
Instalment Payments Regulations 1998
CTA 2010
Browse 22 other sections — procedural / definitional / commencement
Charge to tax
Additional expenditure treated as incurred for purposes of section 1
Section 2: meaning of expenditure on “de-carbonisation of upstream petroleum production”
Section 2: meaning of “operating expenditure”
Section 2: meaning of “leasing expenditure”
Section 2: meaning of “disqualifying purposes”
Recycling etc of assets to generate relief
When investment expenditure is incurred
Meaning of “financing costs” etc
Meaning of “decommissioning costs”
Relief for qualifying levy losses
Application of corporation tax provisions
Requirement to provide information about payments
Adjustments
Consequential provision
Transitional provision for accounting periods straddling 26 May 2022
Transitional provision for accounting periods straddling 31 March 2030
Rules for apportioning profits or loss to separate accounting periods
Circumstances in which the levy ends early: energy security investment mechanism
Section 17A: supplementary provision
Interpretation
Short title
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