12 Energy (oil and gas) profits levy: de-carbonisation allowance
Finance (No 2) Act 2023 (2023 c 30) | Legislation

12  Energy (oil and gas) profits levy: de-carbonisation allowance

(1)     The Energy (Oil and Gas) Profits Levy Act 2022 is amended as follows.

(2)     In section 2 (additional expenditure treated as incurred for purposes of section 1), for subsection (3) substitute—

“(3)     For the purposes of section 1 the company is to be treated as if, in addition to the investment expenditure (“the IE”) incurred by it in the accounting period, it had incurred in that period—

(a)     expenditure of an amount equal to 80% of the amount of the IE, in a case where the expenditure is capital expenditure on the de-carbonisation of its upstream petroleum production, and

(b)     expenditure of an amount equal to 29% of the amount of the IE, in any other case.”

(3)     In that section, after subsection (4) insert—

“(4A)     For the purposes of this section, where a company incurs expenditure part of which is capital expenditure on the de-carbonisation of its upstream petroleum production and part of which is not, the expenditure is to be apportioned on a just and reasonable basis.”

(4)     After that

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