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Essential Corporate News – Week ending 11 July 2025
On 1 July 2025, the Quoted Companies Alliance (QCA) published three new board committee guides to accompany the QCA Environmental and Social Guide published in December 2024.
Global | Publication | July 2018
The UK has published draft legislation on the tax treatment of sales of late life assets in order to improve the availability of tax relief for decommissioning expenditure to buyers of such assets. The changes focus on two main issues
The draft legislation and guidance demonstrate the UK Government’s desire to support activities in the North Sea and to attract investment to extend the operational life of late-life assets. A consultation on the detail of the proposals will be open during Summer 2018. Businesses looking at late-life asset sales should consider whether they wish to make a TTH election and consequently whether they wish to delay obtaining approval from the Oil & Gas Authority to enable them to benefit from the changes in legislation.
The draft legislation provides that:
Where a seller of a PRT field retains an obligation to pay for decommissioning costs but is no longer listed on the licence at the time these costs are incurred (and so is not a participator), neither the buyer nor the seller is entitled to claim the costs as deductible for PRT.
The draft legislation contemplates that where such costs are met by the seller (regardless of whether the seller has retained responsibility for decommissioning) the buyer will receive tax relief for such expenditure. This will apply to changes in field ownership approved by the Oil & Gas Authority on or after 1 November 2018.
The draft legislation and guidance demonstrate the UK Government’s desire to support activities in the North Sea and to attract investment to extend the operational life of late-life assets. A consultation on the detail of the proposals is open until [24] [31] August 2018. Businesses looking at late-life asset sales should consider whether they wish to make a TTH election and consequently whether they wish to delay obtaining approval from the Oil & Gas Authority to enable them to benefit from the changes in legislation.
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