Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Printer Friendly Version
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.
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).
Since 1 January 2016, PRT has been charged at a zero rate, but it has not been abolished, largely to enable companies to create losses that can be carried back to recover past PRT paid. As announced at AS 2016,
FB 2017 will include provisions to simplify the process for opting out of PRT and remove various reporting requirements. Following consultation, the legislation has been revised to make some consequential amendments. The changes have retrospective
effect to 23 November 2016 and the revised legislation will be published on 20 March 2017.
For background information on PRT, see Practice Note: Petroleum revenue tax.
See: OOTLAR (para 1.25).
Further analysis on this Spring Budget:
LexisPSL subscribers can access all analysis and insight on the Spring Budget 2017 here. If you are not a subscriber, you can take a free trial here. For further free content on the Spring Budget 2017, sign up to this blog using the sign-up
box on this page.
0330 161 1234