1.Section 82 introduces a requirement for HM Treasury to lay before Parliament an annual report on the Government’s liabilities under decommissioning relief agreements.
2.Subsection (1) of this section provides that in each financial year HM Treasury must prepare a report.
3.Subsection (2) defines the information which must be contained in the report.
4.Subsection (3) provides that the report for a financial year must be laid before the House of Commons as soon as is reasonably practicable after the end of that year.
5.Subsection (5) provides that this section has effect in relation to financial years ending on or after 31 March 2014.
6.The amendments made by this section form part of the Government’s wider package of measures to provide greater certainty in respect of decommissioning tax relief, remove barriers to the transfer of licence interests and increase capacity for additional investment in the UK Continental Shelf.