Possible unwelcome changes for Upstream groups  The proposals for the changes to the loss rules were published on 20 March. The draft legislation runs to over 100 pages.  These new rules are intended to increase flexibility in the use of losses whilst introducing restrictions to prevent the relief from brought forward losses/deficits from exceeding 50% of the profits of a period. These rules will also apply to the use of ring fence losses against non-ring fence profits (subject to some […]

The Chancellor delivered the last ever Spring Budget today. There were very few specific oil and gas measures in the announcements. Those having an impact on the regime are set out below. Late life assets The main new Budget announcement is that there is to be a further review of late life assets. A Treasury discussion document is to be issued on 20 March and it is anticipated that further consultation with interested parties will take place over the following […]

We are pleased to announce that Ian Hack, who joined CW Energy in 2012 after a long career with HMRC, has been made a Director of CW Energy LLP. This promotion recognises Ian’s increasingly strong contribution to the business since joining the firm.       We are also pleased to announce that Janusz Cetnarowicz, who was a director and founder member of CW Energy Tax Consultants Ltd in 1990 has been appointed a partner of CW Energy LLP with effect […]

As in previous years and as an alternative to sending out a Christmas card we are making a charitable donation to both the Multiple Sclerosis Society and the charity Dogs for Good.

Summary Qualifying Companies are under an obligation to disclose information under The Reports on Payments to Governments Regulations (“the Regs”).  Certain selected companies have also received the EITI questionnaire templates. Whilst the EITI regime is “voluntary” the EU sponsored regime under the Regs is compulsory and requires certain companies to make a return in a prescribed form with Companies House. The first payments covered are those made in 2015 and for a company with a December year end the deadline […]

The Finance Bill 2016 completed its third reading in the House of Commons yesterday (6th), and has now been passed on to the House of Lords. As it is a money bill, its terms cannot be amended by the House of Lords so the committee stage, report stage and third reading there are just formalities.  The first reading in the Lords also took place yesterday and the second reading and remaining stages are scheduled for 13th September, after which the […]

The Upper Tier Tribunal have overturned last year’s First Tier Tribunal decision in the Leekes V HMRC  case, and held that losses are required to be streamed even where the whole of the predecessor’s trade is transferred. In our Newsbrief of 16 March 2015  we reported that the First Tier Tribunal decision meant that where a company succeeded to a trade carried on by a group company there was no requirement to stream. This confirmed our view of the law […]

The progress of the Finance Bill 2016 was interrupted by the EU referendum. The Committee stage was completed on the 28th June, but this left insufficient time to progress to the report stage/third reading, and Royal Assent, before Parliament rises for the summer recess on 21st July. Our newsletter of 25th May explains. Completion of the House of Commons report stage and third reading of the Finance Bill is the point at which changes can be accepted as substantively enacted […]