Paragraph 2 FA 1998I1

Schedule 18 to FA 1998 (company tax returns, assessments and related matters) is amended as follows.

In paragraph 1 (meaning of “tax”)—

After paragraph 7A insert—

“Energy (oil and gas) profits levy

7B

(1)

A company which has made any qualifying levy profits or loss in an accounting period must include in its company tax return for the accounting period a statement of—

(a)

the qualifying levy profits or loss, and

(b)

any relief which the company is given for that period under Schedule 1 to the Energy (Oil and Gas) Profits Levy Act 2022.

(2)

Terms used in the Energy (Oil and Gas) Profits Levy Act 2022 have the same meaning in this paragraph as in that Act.”

In paragraph 8(1) (calculation of tax payable), under the heading “Third step”, at the end insert—

1. 5.

   “Any amount chargeable by virtue of section 1 of the Energy (Oil and Gas) Profits Levy Act 2022.”