Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 2/1/2013

United Kingdom - Oil and gas decommissioning; alternative dispute resolution 

February 1:   The UK government issued draft legislation concerning the treatment of decommissioning expenditure in the oil and gas industry.

The draft legislation [PDF 187 KB] follows a consultation period for prior draft legislation.


Anti-avoidance legislation in relation to expenditure qualifying for Mineral Extraction Allowances on site restoration has also been published. This proposed legislation generally mirrors the anti-avoidance legislation published in December 2012 concerning other types of decommissioning expenditures.

Alternative dispute resolution

HM Revenue & Customs (HMRC) released updated alternative dispute resolution (ADR) guidance [PDF 185 KB].


A change to the guidance is the inclusion of a less formal "facilitated discussion" approach to ADR.


The facilitated discussion approach can be applied to disputes in which it is not necessary for the settlement discussions to be facilitated by an independent third-party mediator. Instead, HMRC and the taxpayer can appoint their own mediation-trained representatives to facilitate the settlement discussions. This approach is generally a quicker and less costly way for taxpayers to reach resolution of their tax disputes.


Read a February 2013 report [PDF 143 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (1 February)


Also covered in the KPMG report are the following items:


  • Public policy and tax
  • Draft legislation - High value residential property
  • Inheritance tax - Situs of speciality debts
  • SEIS - CGT reinvestment relief
  • High Court decision on FII GLO interim payment application
  • Start date announced for pension drawdown increase
  • VAT - Liability of rooms provided in hotels or similar establishments with catering
  • VAT - European Commission EU rates document – VAT rates as at 14 January 2013



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