Our aim is to provide clients and visitors to this site with topical information and commentary on the more significant current events in the areas of tax in which we specialise. Clients of CW Energy will usually be provided with this information automatically by e-mail and others who would like to be included on our mailing list can do so by emailing a request to mail@cwenergy.co.uk or contacting another member of our professional staff. Details of our members of staff can be found on our People page. Alternatively, see the instructions on our Contact page.
We also produce articles for clients and the professional Press.
Anyone wanting more information on any particular issue or article can contact Paul Rogerson at rogersonp@cwenergy.co.uk, the person noted at the foot of a particular item, or another member of our other professional staff.
Some of our more recent articles are listed below. Copies of other articles can be found in our Archive section
.- 1st May 2012
Farm-ins Readers will be pleased to learn that after over two years of discussions, HMRC has finally accepted that the tax treatment of farm-ins that had been in operation for the last 20 years is in fact in accordance with the law. HMRC have said that they will amend their manuals to make the position [click on title for more...]
- 21st March 2012
Oil and Gas Budget Measures The Chancellor announced in his Budget speech today that the Government will introduce a package of oil and gas measures intended to secure billions of pounds of additional investment in the UK Continental Shelf. 1. Decommissioning certainty Legislation is to be introduced in 2013 giving the Government statutory authority to [click on title for more...]
- 7th December 2011
There were a number of measures included within the draft Finance Bill published on Tuesday directed specifically at the UK oil and gas industry. 1. Cap on relief for decommissioning costs It was announced at the time of the 2011 Budget that a cap would be introduced to restrict the relief on abandonment expenditure for [click on title for more...]
- 29th November 2011
There were no new direct tax measures announced by the Chancellor in the Autumn Statement today which are likely to be of importance to our oil and gas clients. The Statement did however confirm that the rate of Ring Fence Expenditure Supplement will be increased from 6% to 10% for periods beginning on or after [click on title for more...]
- 5th July 2011
The Government have today announced that the Ring Fence Expenditure Supplement (RFES) will be increased from its present rate of 6% to 10% with effect from 1st January 2012. The increase is stated as helping “to ensure that existing field allowances work more effectively” and to bring the rate more in line with the discount [click on title for more...]
- 21st May 2011
HMRC have recently published a consultative document on possible changes to the tax rules for valuing non-arm’s length sales of UK equity gas. Following the perceived success of the changes to the market value rules for oil introduced in 2006 HMRC indicated over 12 months ago that they were considering a similar approach for gas [click on title for more...]
- 4th May 2011
Government amendments proposed to the supplementary charge measures, allowing profits to be allocated, for periods which straddle Budget Day 2011, on a just a reasonable basis rather than a simple time basis, which were set out our in an earlier CW Energy news brief, were passed following the first sitting of the committee stage of [click on title for more...]
- 3rd May 2011
The government have tabled an amendment to the Finance Bill which, if passed, will enable a company to elect to use a “just and reasonable” basis to apportion profits for Supplementary Charge purposes between 2011 “straddling” periods where use of a time apportionment basis would result in an “unjust or unreasonable” result for the company. [click on title for more...]
- 8th April 2011
The Finance Bill was published on March 29th2011. The following are our initial thoughts on the provisions that we believe are of most relevance to the oil and gas sector. The following topics are discussed below: Part A – the Increase in the SCT rate; Part B – Minor Oil & Gas Tax changes; Part [click on title for more...]
- 28th March 2011
Further to our Budget Newsbrief we have noted that the SCT rate increase has been included in a resolution passed under the terms of the Provisional Collection of Taxes Act. As a result of this we believe that the SCT rate change is “substantially enacted” for UK GAAP and IFRS purposes. This may therefore impact [click on title for more...]