Spring Budget 2017—Energy and environment

Spring Budget 2017—Energy and environment

This analysis is part of the Lexis®PSL Tax team’s summary of the Spring Budget 2017.   Some of the links require a LexisPSL subscription. If you are not a subscriber, you can take a free trial here.

Oil and gas—corporation tax and the supplementary charge

The government has announced that it will publish a discussion paper on 20 March 2017 on 'late-life' oil and gas assets. This will consider the case for allowing transfers of tax history (including decommissioning obligations) between buyers and sellers, to make it easier for oil and gas assets to be transferred.

In addition, as announced at Summer Budget 2015 and consulted on in 2016, the government is introducing regulations to extend the scope of investment allowances and cluster area allowances. The rules will have retrospective effect to 8 October 2015.

For more information, see Practice Note: Oil and gas—corporation tax and the supplementary charge — Investment allowances (formerly field allowances).

See: Spring Budget 2017 (para 3.29) and OOTLAR (paras 2.17, 2.18).

Petroleum revenue tax (PRT) simplification

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