There are currently no known outstanding effects for the Energy (Oil and Gas) Profits Levy Act 2022, Section 7.
(1)In determining for the purposes of this Act when a company has incurred investment expenditure—
(a)in the case of capital expenditure, section 5 of CAA 2001 (when capital expenditure is incurred) applies as it applies for the purposes of that Act, and
(b)in the case of operating expenditure or leasing expenditure, the expenditure is treated as incurred on the date on which it is paid.
(2)Any investment expenditure which is (or is treated as) incurred before 26 May 2022 or after [F131 March 2028] is to be left out of account in determining a company’s levy profits or loss for any qualifying accounting period.
Textual Amendments
F1Words in s. 7(2) substituted (10.1.2023) by Finance Act 2023 (c. 1), s. 3(2)(a)
Modifications etc. (not altering text)
C1S. 7 applied (1.1.2023 in relation to expenditure incurred on or after 1.1.2023) by Finance Act 2023 (c. 1), s. 2(2)
Commencement Information
I1S. 7 in force at Royal Assent
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