The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations, SI 2017/292, extend the scope of the investment and cluster area allowances available to North Sea oil and gas companies to include within the definition of ‘investment expenditure’ certain types of operatin
The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations, SI 2017/292, extend the scope of the investment and cluster area allowances available to North Sea oil and gas companies to include within the definition of ‘investment expenditure’ certain types of operating and leasing expenditure, in addition to capital expenditure.
The regulations come into force on 29 March 2017 and will apply to expenditure incurred on or after 8 October 2015. HMRC consulted between December 2015 and January 2016 on a draft of these regulations.
The Oil and Gas Authority (Levy) Regulations, SI 2017/323 set the levy amounts for holders of petroleum licences for the period from 1 April 2017 to 31 March 2018. The levy is payable to meet costs incurred by the Oil and Gas Authority in carrying out its functions as well as costs in connection with the provision of tribunals to consider appeals against decisions of the authority. The rates are:
licensees of each in-production licence: £65,444.77;
licensees of most pre-production licences, including exploration licences: £9,341.76; and
micro enterprises (fewer than 10 employees and annual turnover/annual balance sheet total not exceeding €2 million) holding a promote licence: £934.18.
The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations, SI 2017/292, extend the scope of the investment and cluster area allowances available to North Sea oil and gas companies to include within the definition of ‘investment expenditure’ certain types of operatin
The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations, SI 2017/292, extend the scope of the investment and cluster area allowances available to North Sea oil and gas companies to include within the definition of ‘investment expenditure’ certain types of operating and leasing expenditure, in addition to capital expenditure.
The regulations come into force on 29 March 2017 and will apply to expenditure incurred on or after 8 October 2015. HMRC consulted between December 2015 and January 2016 on a draft of these regulations.
The Oil and Gas Authority (Levy) Regulations, SI 2017/323 set the levy amounts for holders of petroleum licences for the period from 1 April 2017 to 31 March 2018. The levy is payable to meet costs incurred by the Oil and Gas Authority in carrying out its functions as well as costs in connection with the provision of tribunals to consider appeals against decisions of the authority. The rates are:
licensees of each in-production licence: £65,444.77;
licensees of most pre-production licences, including exploration licences: £9,341.76; and
micro enterprises (fewer than 10 employees and annual turnover/annual balance sheet total not exceeding €2 million) holding a promote licence: £934.18.
