OT00002 - Introduction

This Manual sets out the law and practice for the oil fiscal regime, in particular petroleum revenue tax, ring fence corporation tax and the supplementary charge. It has been prepared primarily for use within HMRC, but it will also assist customers and their professional advisers. While the Manual aims to be comprehensive, it cannot cover all eventualities, and the consequences for tax of any transaction will always depend on the particular facts and circumstances.

As the Manual is directed to oil taxation, it does not cover general tax issues which may arise in the oil industry, but which may be equally relevant to other trades and industries. Guidance on such topics may be found in other manuals published by HMRC.

The Manual is updated at regular intervals, and we welcome constructive comments and suggestions from customers as to further improvements.

Petroleum revenue tax and the special ring fence rules for corporation tax and the supplementary change are currently administered by the Large Business Service, Oil and Gas (formerly the Oil Taxation Office and then Energy Group). LBS Oil and Gas also manages the taxation of offshore contractors and oil and gas tax policy functions in HMRC. LBS Oil and Gas is located at 22 Kingsway, London WC2B 6NR, Tel 020 7438 6617, Fax 020 7438 6910/7602, e-mail lbsoilandgas.hmrc@gnet.gov.uk.