Taxation

Taxation

Calculator and tax papers on a table

The tax regime that applies to oil and gas exploration and production in the UK and on the UK Continental Shelf is comprised of:

  • Ring Fence Corporation Tax
  • Supplementary Charge
  • Petroleum Revenue Tax

 

 

 

Further information on taxation

 

Brown Field Allowances

Following the announcement on 7 September 2012 that the Government would introduce a Brown Field Allowance (BFA), HMT has circulated a note giving further information on the BFA qualification criteria and the process for BFA cost verification. Companies undertaking incremental projects that might be eligible for a BFA are advised to ensure they are familiar with this process if they wish those projects to qualify for the allowance.


Government revenues from UK oil and gas production

 

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