• Industry: Energy & Natural Resources, Oil & Gas
  • Date: 1/15/2013

A Guide to UK Oil and Gas Taxation - 2012 edition 

General guide to UK oil and gas taxation for producers, ancillary operators, and employees

The two years since the last edition of the Guide has, as expected, seen considerable amendments to the UK upstream taxation system. With the increase in SCT rate to 32%, the decommissioning relief restriction and new and extended field allowances, there have been significant changes.
A Guide to UK Oil and Gas Taxation
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The next two years will similarly see many changes with the most significant being the potential introduction of Decommissioning Relief Deeds. Providing certainty to tax relief on decommissioning and the consequent implications for financing would be a huge step forward and would go some way to alleviating the lack of certainty that has become the norm in the UK upstream taxation system over the last decade.

This Guide sets out the law in force, announced legislation and practice prevailing as at 30 November 2012. It is designed to bring out the main features of the regime, to provide broad practical guidance and to identify some of the problems likely to be encountered. It is not intended, however, to be comprehensive or to provide answers to particular problems and should not be regarded as a substitute for professional advice.

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