All posts by Philip Reid, Tax Lawyer, CMS

In yesterday’s Budget, the Chancellor introduced a number of changes to Entrepreneurs’ Relief which may have immediate, significant and expensive implications for anyone who is hoping to qualify for the relief. The most significant change is the addition of a 5% economic ownership test but the requisite ownership period was also doubled from 12 months … Continue reading Budget 2018: Changes to Entrepreneurs’ Relief

The Chancellor has today announced that hoped-for changes will be made to the decommissioning tax relief regime, taking effect from 1 November 2018. The proposed changes will be a world first for a tax regime, and are intended to encourage investment in late-life assets in the North Sea. A review on the topic had been … Continue reading Oil and Gas in Budget 2017: Transferable Tax History

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