This Practice Note is about the ring fence corporation tax rules, and the supplementary charge, on companies in the oil and gas sector that have a UK tax presence, or that operate in the UK or on the UK continental shelf. This Practice Note was produced in partnership with Phil Greatrex of CW Energy LLP.
This Practice Note is about the rules on petroleum revenue tax (PRT), which was payable by oil companies on the value of oil and gas produced. The rate was reduced to zero with effect from 1 January 2016, but it is still possible to create losses which can be carried back to recover past PRT paid. This Practice Note was produced in partnership with Phil Greatrex of CW Energy LLP.
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