Dealing with the taxation of income and profits from oil and gas exploration and production.

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LB Oil, Gas & Mining Sector

The sector is responsible for the taxation of businesses operating in the UK's oil industry and for the administration of the special tax regimes which apply to these businesses. Alan Tume is the Sector Leader.

Guide to the North Sea fiscal regime An introduction to how profits from oil and gas exploration and production from the UK and the UK's Continental Shelf are taxed.

Petroleum Revenue Tax The tax on profits from oil and gas fields in the UK and on the UK's Continental Shelf given consent before 16 March 1993.

Corporation Tax Ring Fence The modified Corporation Tax regime to tax profits from all oil and gas fields in the UK and on the UK's Continental Shelf.

The Supplementary Charge The additional charge on ring fence profits adjusted for financing costs.

Non-residents working in UK waters The tax regime for non-resident companies, individuals and partnerships working in the oil and gas industry fields in UK waters and on the UK's Continental Shelf.

Statutory market values for oil Details of the defined statutory market values for disposals of oil from a UK field sold other than at arm's length.

Advance Pricing Agreements Applications for Advance Pricing Agreements in the petroleum industry are made to the Large Business Service Oil & Gas Sector.

The Oil and Gas Industry Direct Tax Forum The consultation forum between HM Revenue & Customs and the industry that meets quarterly and publishes minutes of its meetings.