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OTUPDATE141107 | Oil Taxation Manual: recent changes

From HM Revenue & Customs · Oil Taxation Manual

Below are details of the amendments that were published on 7 November 2014
(see the update index for all updates)

PageDetails of update
OT00002Updated for changes to business stream name and telephone number
OT00190Overview of fiscal regime updated to FA2014
OT04693Business address updated
OT10800New section on decommissioning certainty re PRT: Contents page
OT10801New section on Decommissioning relief deeds
OT10803Outline of legislation re decommissioning relief deeds
OT10805The effect of a deed claim on PRT
OT10808The effect of a deed claim on Oil Allowance
OT21246Withdrawal of FYA, asset not used in RF trade - reworded to reflect statute regarding notification period
OT21405Amended for additionally developed oil fields
OT21410Definition of additionally developed oil field added
OT21418New page on amount of additionally developed oil field allowance available
OT21430Field allowance when equity share is unchanged - information on additionally developed oil fields added
OT21500New section on onshore allowance - contents
OT21501Onshore allowance - background
OT21503Onshore allowance - overview
OT21505Onshore allowance - onshore related activities
OT21510Onshore allowance - definition of site
OT21515Onshore allowance - generation of onshore allowance
OT21520Onshore allowance - reduction of adjusted ring fence profits
OT21525Onshore allowance - activated and unactivated onshore allowance
OT21530Onshore allowance - transfer of allowance between sites
OT21535Onshore allowance - changes in equity share
OT21540Onshore allowance - transfer of allowance on disposal
OT21455Onshore allowance - definitions
OT21600New section on hire of relevant assets
OT21601New page, hire of relevant assets, introduction
OT21605New page, hire of relevant assets, scope of legislation
OT21610New page, hire of relevant assets, effect of CTA2010\S285A
OT21615New page, hire of relevant assets, anti avoidance provision
OT26200New section on extended ring fence expenditure supplement (ERFES) for onshore activities - contents
OT26201ERFES introduction
OT26203ERFES conditions for relief
OT26205ERFES relevant percentage
OT26210ERFES accounting periods
OT26215ERFES restriction on number of AP’s it can be claimed for
OT26220ERFES unrelieved group ring fence profits
OT26225ERFES pre commencement additional supplement
OT26230ERFES qualifying pre commencement onshore expenditure
OT26235ERFES the mixed pool
OT26240ERFES reductions for disposals
OT26245ERFES reductions for unrelieved group ring fence profits
OT26250ERFES additional supplement for post commencement periods
OT26255ERFES onshore ring fence losses
OT26260ERFES onshore ring fence pool
OT26265ERFES reference amount post commencement pools
OT26270ERFES reductions for utilised onshore ring fence losses
OT26275ERFES reductions for unrelieved group ring fence profits
OT26300MEA section moved from OT26200
OT26301MEA section moved from OT26201
OT26305MEA section moved from OT26205
OT26310MEA section moved from OT26210
OT26315MEA section moved from OT26215
OT26320MEA section moved from OT26220
OT26325MEA section moved from OT26235
OT26330MEA section moved from OT26230
OT26335MEA section moved from OT26235
OT26340MEA section moved from OT26240
OT26345MEA section moved from OT26245
OT26350MEA section moved from OT26250
OT26355MEA section moved from OT26255 and update for FA2014 changes to allowing costs of planning permission
OT26360MEA section moved from OT26260
OT26370MEA section moved from OT26275
OT26380MEA section moved from OT26280
OT26390MEA section moved from OT26290
OT26395MEA section moved from OT26300
OT28040Decommissioning and abandonment amendments to definitions re onshore expenditure in FA2013
OT28230New page decommissioning and abandonment , connected persons and tax advantage
OT28600Section revised for decommissioning security agreements and renamed
OT28601Revised for decommissioning security agreements
OT28615Changes to Inheritance Tax re property held in decommissioning security settlements
OT28617Decommissioning security agreements, Loan relationships, prevention of double taxation
OT28700New section, decommissioning certainty, contents
OT28701New page decommissioning relief deeds (DRD)
OT28700New page, DRD’s outline
OT28700New page, DRD’s provisions for payment
OT28700New page, DRD’s other provisions, schedule 31
OT28700New page, DRD’s other provisions, schedule 32
OT30479New page CG Reinvestment after pre trading disposal
OT43450Updated for HMRC acceptance of mark up rate of certain activities of a rig operator.
OT50000New section: Oil Contractors ring fence: contents
OT50001New page: Oil Contractors ring fence: introduction
OT50005New page: Oil contractors ring fence: scope
OT50010New page: Oil contractors ring fence: relevant assets
OT50020New page: Oil contractors ring fence: associated person
OT50030New page: Oil contractors ring fence: calculating the hire cap: contents
OT50032New page: Calculating the hire cap: the relevant percentage
OT50034New page: Calculating the hire cap: periods of less than full use and short account periods
OT50036New page: Calculating the hire cap: multiple leases
OT50038New page: Calculating the hire cap: total expenditure
OT50040New page: Calculating the hire cap: total expenditure - original cost
OT50042New page: Calculating the hire cap: total expenditure - enhancement costs
OT50044New page: Calculating the hire cap: total expenditure - estimated amounts
OT50050New page: Oil contractors ring fence: the effect of the ring fence
OT50060New page: Oil contractors ring fence: anti avoidance provision
OT50070New page: Oil contractors ring fence: leasing arrangements
OT50080New page: Oil contractors ring fence: the excess above the hire cap
OT50090New page: Oil contractors ring fence: transitional provisions at commencement