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  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/13/2012

United Kingdom - Text of final Finance Bill; oil-decommissioning relief 

July 13:  An updated version of the Finance Bill 2012 containing all amendments made during the legislative process and passed by the House of Commons is available.

No further changes to the bill can be made; therefore, the updated version [PDF 10.5 MB] will essentially be the text of the forthcoming Finance Act.

Oil-decommissioning relief

With the Budget 2012, the Chancellor of the Exchequer announced an intention to guarantee expected tax relief on decommissioning expenditures in the UK and UK continental shelf as follows:


  • Finance Bill 2013 would authorize the UK government to sign contracts to provide decommissioning certainty
  • The UK government would consult further on the form and details of the contracts

With the publication of the consultation document, proposals for a new “decommissioning relief deed” include plans for a shortfall payment from the government in situations when full tax relief is not achieved. The consultation closes on 1 October 2012.


Read a July 2012 report [PDF 166 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (13 July 2012)




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