Energy (oil and gas) profits levy
Overview
This section is designed to calculate the Energy (Oil and Gas) Profits Levy (“EOGPL”) payable. You can insert the EOGPL sheets by selecting
Energy (oil and gas) profits levy
from the Insert sheet
menu.You can only insert the EOGPL sheets if there is at least 1 trade where the type of trade is Oil or gas production.
Energy (Oil and Gas) Profits Levy:
This sheet calculates the qualifying levy profit or loss and the amount of energy profits levy.EOGPL - Capital Allowances:
This sheet calculates the amount of capital allowances used in the calculation of the qualifying levy profit or loss.EOGPL - Investment Expenditure:
This sheet calculates the amount of additional deduction in respect of qualifying investment expenditure.EOGPL - Financing and Decommissioning:
This sheet calculates the amount of financing and decommissioning costs used in the calculation of the qualifying levy profit or loss.EOGPL - Losses:
This sheet tracks the amount of levy losses brought forward and carried forward.Completing the sheets
Energy (Oil and Gas) profits levy
You're required to enter information about capital allowances, levy adjustments, and any reliefs relevant to the calculation of the Qualifying levy profit (+)/loss(-) prescribed by the legislation on this sheet.
This amount is multiplied by the Energy profits levy rate to calculate the Energy profits levy. The amount calculated for the Energy profits levy is linked to the
Tax calculation
sheet. The system inserts a set of columns for each Accounting period
.EOGPL - Capital allowances
When identifying amounts of capital expenditure that need to be allocated to one of the specific capital allowances pools or capital allowance type sheets you should develop the sheet from the Insert sheet menu for the appropriate business.
The individual capital allowances calculated from these sheets will be added to the total column of the
EOGPL – Capital allowances
sheet. The system inserts a set of columns for each Accounting period
. You can manually allocate the amounts between each period. This sheet calculates the total allowances used to determine the Qualifying levy profit (+)/loss (-) on the Energy (oil and gas) profits levy
sheet.EOGPL - Investment expenditure
Use this sheet to enter information relevant to investment expenditure for capital, operating, leasing, or de-carbonisation. The system inserts a set of columns for each
Accounting period
. You can manually allocate the Qualifying expenditure amounts between each period. The qualifying expenditure is multiplied by the relevant rate to calculate the additional deduction for investment expenditure used to calculate the Qualifying levy profit (+)/loss (-) on the Energy (oil and gas) profits levy
sheet.EOGPL - Financing and decommissioning
Use this sheet to enter information relevant to financing and decommissioning expenditure. The system inserts a set of columns for each
Accounting period
. You can manually allocate the amounts between each period. This sheet calculates the expenditure used to determine the Qualifying levy profit (+) / loss (-) on the Energy (oil and gas) profits levy
sheet.EOGPL - losses
Use this sheet to manage and track the amount of losses available and to calculate the relief for levy losses carried forward (-) this is used to calculate the Qualifying levy profit (+)/loss (-) on the
Energy (oil and gas) profits levy
sheet. The system inserts a set of columns for each Accounting period
. You can manually allocate the amounts between each period.