HMRC has published draft regulations which expand the definition of ‘relevant income’ eligible for the corporation tax supplementary charge investment and cluster area allowances to include tariff receipts, in addition to production income earned directly from oil extraction activities.
HMRC has published draft regulations which expand the definition of ‘relevant income’ eligible for the corporation tax supplementary charge investment and cluster area allowances to include tariff receipts, in addition to production income earned directly from oil extraction activities.
The regulations are made under a power in Finance Act 2016 and will have retrospective effect for accounting periods beginning on or after 16 September 2016. The government announced at Budget 2016 its intention to extend the scope of the investment and cluster area allowances to include tariff receipts earned from making assets available to third parties, to encourage investment in key infrastructure.
The draft Investment Allowance and Cluster Area Allowance (Relevant Income: Tariff Receipts) Regulations 2018 are open for consultation until 31 August 2018 (see https://bit.ly/2LxuCJ8).
HMRC has published draft regulations which expand the definition of ‘relevant income’ eligible for the corporation tax supplementary charge investment and cluster area allowances to include tariff receipts, in addition to production income earned directly from oil extraction activities.
HMRC has published draft regulations which expand the definition of ‘relevant income’ eligible for the corporation tax supplementary charge investment and cluster area allowances to include tariff receipts, in addition to production income earned directly from oil extraction activities.
The regulations are made under a power in Finance Act 2016 and will have retrospective effect for accounting periods beginning on or after 16 September 2016. The government announced at Budget 2016 its intention to extend the scope of the investment and cluster area allowances to include tariff receipts earned from making assets available to third parties, to encourage investment in key infrastructure.
The draft Investment Allowance and Cluster Area Allowance (Relevant Income: Tariff Receipts) Regulations 2018 are open for consultation until 31 August 2018 (see https://bit.ly/2LxuCJ8).
