All posts by Philip Reid, Tax Lawyer, CMS

Yesterday’s Budget brought potentially welcome news for those involved in the North Sea’s burgeoning decommissioning industry. A review of decommissioning tax relief was announced, which may remove an effective barrier to smaller specialists taking on late-life fields. Further details will be published in a discussion paper “on the case for allowing transfers of tax history … Continue reading Budget 2017: Oil and Gas decommissioning tax relief

Last year’s Budget saw the ‘effective abolition’ of petroleum revenue tax (‘PRT’), which had previously applied to certain oil and gas fields on the UK continental shelf. Rather than abolishing the tax entirely, the PRT rate was reduced to zero per cent, largely in order to ensure that participants were still able to carry back … Continue reading Simplifying the administration of PRT