HM Treasury has published guidance for companies claiming tax relief for expenditure incurred in decommissioning North Sea oil and gas fields under the terms of a decommissioning relief deed (DRD). DRDs, first introduced in 2013, are contracts between the government and companies operating in the UK and the UK Continental Shelf to provide certainty on the tax relief that qualifying companies will receive when decommissioning assets. DRDs provide that if the amount of tax relief in respect of any decommissioning expenditure incurred by the qualifying company is less than an amount determined in accordance with the agreement, the difference is payable to the company.
The guidance includes a claim statement, which applicants should complete and return to the address provided. The statement sets out the evidence that should accompany the signed statement in support of a claim. See http://bit.ly/1XTg3hC.
HM Treasury has published guidance for companies claiming tax relief for expenditure incurred in decommissioning North Sea oil and gas fields under the terms of a decommissioning relief deed (DRD). DRDs, first introduced in 2013, are contracts between the government and companies operating in the UK and the UK Continental Shelf to provide certainty on the tax relief that qualifying companies will receive when decommissioning assets. DRDs provide that if the amount of tax relief in respect of any decommissioning expenditure incurred by the qualifying company is less than an amount determined in accordance with the agreement, the difference is payable to the company.
The guidance includes a claim statement, which applicants should complete and return to the address provided. The statement sets out the evidence that should accompany the signed statement in support of a claim. See http://bit.ly/1XTg3hC.
