Recent updates to the Oil Taxation Manual
Below are details of the amendments that were published on 20 July 2009 (see the update index for all updates)
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Section |
Details of update |
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Updated for changes to HMRC structure |
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Change to contents page to reflect content changes |
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Updated for increase in supplementary charge rate |
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Updated to include FA06 and FA08 changes |
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Change to contents page to reflect content changes |
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The explanation of new and old fields has been added to |
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PRT: Administration |
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Reference to PRT forms completion guide deleted. | |
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PRT IA guidance moved from OT04090. |
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PRT 6 Guidance moved from OT04090. |
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Reference to possible later payable date, 30 days after assessment, included. |
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Interest Cap guidance moved to OT04280. |
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Interest Cap guidance moved from OT04270. |
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Appeals to First-Tier Tribunal. |
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Schedule 5\7 Interface guidance moved to OT04395. |
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Schedule 5\7 Interface guidance moved from OT04390. |
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Time limits guidance moved from OT04390. |
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Claims periods guidance moved from OT04420. |
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Division of expenditure guidance moved to OT04425. |
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Division of expenditure guidance moved from OT04420. |
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Reference to PRT Forms Completion Guide deleted. |
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Part and final claims decisions guidance moved to OT04635. | |
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Part and final claims decisions guidance moved from OT04630. |
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Reservations guidance moved from OT04630. |
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Claim period in dispute guidance moved from OT04630. |
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Time limit for final claim decision guidance moved from OT04630. |
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Timing of claim decisions guidance moved from OT04630. |
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Reference to correspondence normally being dealt with within 28 days included. |
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Date of receipt of appeal guidance moved to OT04693. | |
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Date of receipt of appeal guidance moved from OT04690. |
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Part and final decisions guidance moved from OT04690. |
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Late appeals guidance moved from OT04690. |
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Effect of appeal on PRT payable guidance moved from OT04690. |
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Determination of appeal by agreement guidance moved from OT04690. |
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Abandonment of appeal guidance moved from OT04690. |
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Guidance re review of appeals by another officer included. |
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Varying of decisions guidance moved from OT04690. |
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Appeals to the Upper Tribunal. |
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Informal claims procedures guidance moved to OT04743. |
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Informal claims procedures guidance moved from OT04740. |
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Research expenditure guidance moved from OT04740. |
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Reference to review of notice by another unconnected officer included. |
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Documents and particulars guidance moved to OT04795. |
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Documents and particulars guidance moved from OT04790. |
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Corporation Tax General |
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Change to contents page to reflect content changes |
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Change to heading, and addition of subject of decommissioning |
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Change to heading, and addition of information on decommissioning |
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Change to heading; DTI changed to DECC; change in legislation on royalties from 2003. |
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Commencement of trade: deletion of all previous text and replacement with new guidance. |
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Change to heading, and addition of reference to International Accounting Standards. |
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OT20310 to OT20315 |
Sales of oil, deleted, moved to OT21026 and sequence |
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OT20320 to OT20322 |
Currency differences, deleted, moved to OT21090 and sequence |
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OT20330 to OT20333 |
Transfer-pricing, deleted, moved to OT21105 and sequence |
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OT20334 |
Advance pricing agreements, deleted, moved to OT21140 |
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OT20340 |
Non-sterling functional currency, deleted |
Corporation Tax Ring Fence |
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Change to contents page to reflect content changes |
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New reference to increase in supplementary charge from 01/01/06 |
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Addition of change to rules for transportation costs for APs ending after 20/06/06 |
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Interest received by ring fence companies: deletion text, and replacement with references to BIM guidance. |
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New contents page: The valuation of oil |
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New page: valuation of oil disposed of or appropriated, and definition of non-arm’s length transaction, under contents page OT21026 |
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New page: arm’s length sales and transportation costs under contents page OT21026 |
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New page: non-arm’s length disposals, under contents page OT21026 |
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Page deleted, moved to OT21035. Rewritten as appropriations of oil under contents page OT21026. |
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Page deleted, moved to OT21035. Rewritten as other non arms length transactions under contents page OT21026. |
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Page deleted, Rewritten as nomination scheme excesses under contents page OT21026. |
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New page: other income: income from ballast recovery oil |
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New contents page for losses and group relief |
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Pages under new contents page OT21045 |
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New page: carry back of abandonment and decommissioning losses |
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New page: extended carry back for general decommissioning and terminal losses |
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New page: extended carry back for general decommissioning and terminal losses: example |
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New page: expenses of management, treatment pre and post 01/04/04 |
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New section: expenses of management: transitional provisions |
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Change to heading; treatment of repayments of PRT arising from carry back of PRT losses, deletion of all previous text and addition of new text |
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Treatment of repayments of PRT arising from carry back of PRT losses text amended |
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New page: The treatment of repayments of PRT |
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Sale and leasebacks of assets: Text brought up to date. |
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New page: currency differences and valuation of oil: introduction |
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New page: currency differences and valuation of oil: the basis used for conversion |
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New page: currency differences and valuation of oil: possible scenarios |
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Page amended to reflect reference to CT Manual |
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OT21101 to OT21104 |
Pages deleted |
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Original text deleted – Transfer Pricing contents page |
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OT21106 |
Page deleted |
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New Page: Transfer pricing – General overview |
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OT21117 |
Page deleted |
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New Page: Transfer Pricing – Transactions between companies |
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New Page: Transfer Pricing – Cross-ring fence transactions within a company |
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New Page: Transfer pricing – Corresponding adjustments |
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New Page: Advance Pricing Agreements |
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New Contents Page: The Supplementary Charge |
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Pages under new contents page OT21195 – page updated |
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OT21220 to OT21225 |
Pages deleted |
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New Contents Page: First year allowances |
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Pages under new contents page OT21228 – page updated |
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OT21302 |
Page deleted |
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Contents page updated |
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Research and Development Allowances |
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Change to contents page to reflect content changes |
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RDA – Introduction: updated with addition of guidance on RDA and references to CIRD manual. |
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RDA – meaning of oil & gas E&A definition updated |
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OT26003 - OT26004 |
Pages deleted |
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R&D, judicial comment addition of reference to post FA 2000 periods |
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OT26006 |
Page deleted |
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Text updated |
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RDA, joint memorandum of 1967, successive stages of work 1 + 2: deletion of stages 3, 4 & 5. |
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New page: joint memorandum of 1967, successive stages of work 3, 4 & 5. |
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New page: Reference to Tribunal reform of 01/04/09. |
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RDA, text updated |
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OT26025 - OT26040 |
Pages deleted |
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R&D, US oil & gas partnerships: deletion of text referring to 1985 FST letter. |
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R&D, purchase of results of past exploration work: original text rewritten. |
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R&D, disposal of a licence interest: deletion of text relating to SRA and pre-1995 transactions. |
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R&D, disposal of licence for undeveloped area: deletion of reference to pre-1995 transactions, addition of definition of material disposal. |
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OT26060 to OT26070 |
Pages deleted. |
Exploration Expenditure Supplement |
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EES: Change to contents page to reflect content changes |
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EES: updated re FA06 & RFES |
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EES: updated re FAO6 and straddling periods. |
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EES: updated for straddling periods. |
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EES: updated for addition of guidance on transition to RFES. |
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EES: updated for transition to RFES. |
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EES: updated for transition to RFES. |
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New page: on post commencement EES pools - straddling periods. |
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Ring Fence Expenditure Supplement |
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New contents page: Ring fence expenditure supplement |
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New Page: RFES Introduction |
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New Page: RFES Conditions for relief: outline |
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New Page: RFES Relevant percentage for calculating the Supplement |
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New Page: RFES Accounting Periods |
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New Page: RFES Limit on number of accounting periods for which supplement may be claimed |
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New Page: RFES Unrelieved Group Ring Fence Profits |
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New Page: RFES Pre-commencement Supplement |
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New Page: RFES Qualifying pre-commencement expenditure |
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New Page: RFES The mixed pool of qualifying pre-commencement expenditure and supplement |
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New Page: RFES Pre-commencement mixed pool : Reduction in respect of disposal receipts to the under the Capital allowance Act |
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New Page: RFES Pre commencement mixed pool: Reduction in respect of unrelieved group ring fence profits |
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New Page: Supplement in respect of a post-commencement period |
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New Page: RFES Ring fence losses and qualifying and non-qualifying E&A losses |
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New Page: RFES Ring fence loss – the special rule for straddling periods |
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New Page: RFES Ring fence losses - Post-commencement pools of losses |
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New Page: RFES The reference amount for a post-commencement period |
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New Page: RFES Post-commencement pool: Reduction in respect of utilised ring fence losses |
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New Page: RFES Post-commencement pool: Reductions in respect of unrelieved group ring fence profits |
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New Page: RFES Calculating the supplement due |
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Abandonment and Decommissioning |
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OT27000 to OT27067 |
Page deleted decommissioning moved to OT28000 and sequence |
Decommissioning and Abandonment |
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New contents page: decommissioning and abandonment |
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New page: Introduction |
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New page: Outline of the legislation |
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New page: General decommissioning expenditure: Contents page |
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New page: Meaning of ring fence trade: under OT28020 |
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New page: Meaning of general decommissioning expenditure: under OT28020 |
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New page: Further definitions: under OT28020 |
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New page: Decommissioned plant and machinery used partly for a non-ring fence trade: under OT28020 |
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New page: Relief for expenditure incurred before cessation of ring fence trade and on or after 12 March 2008: under OT28020 |
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New page: Relief for expenditure incurred before cessation of ring fence trade and on or before 11 March 2008: under OT28020 |
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New page: Closing down an oil field on or before 11 March 2008: under OT28020 |
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New page: Meaning of abandonment programme: under OT28020 |
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New page: Relief for expenditure incurred after cessation of ring fence trade and on or after 12 March 2008: under OT28020 |
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New page: Meaning of post cessation period on or after 12 March 2008: under OT28020 |
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New page: Relief for expenditure incurred after cessation of ring fence trade and on or before 11 March 2008: under OT28020 |
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New page: Expenditure connected with reuse of offshore infrastructure: Contents page |
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New page: Expenditure qualifying for writing down allowances: under OT28300 |
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New page: Exceptions to expenditure qualifying for writing down allowances: under OT28300 |
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New page: Meaning of decommissioning expenditure: under OT28300 |
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New page: Meaning of offshore infrastructure: under OT28300 |
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New page: Writing down allowances for the net cost of demolition: under OT28300 |
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New page: Expenditure on and under Abandonment Guarantees |
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New page: Meaning of Abandonment Guarantee |
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New page: Relief for Reimbursement Expenditure under Abandonment guarantees |
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New page: Relief for expenditure incurred by a participator in meeting a defaulter’s abandonment expenditure |
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New page: Reimbursement by defaulter in respect of abandonment expenditure |
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New page: Relief for residual liabilities following decommissioning |
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New page: Buying out abandonment obligations |
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New page: Relief for contributions to Trust Funds |
