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The Investment Allowance and Cluster Area Allowance (Investment Expenditure) (Amendment) Regulations 2024

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EXPLANATORY NOTE

(This note is not part of the Regulations)

The Finance Act 2015 introduced the Supplementary Charge Investment Allowance and Cluster Area Allowance. The allowances are available to oil and gas companies investing in upstream production in the United Kingdom and on the United Kingdom Continental Shelf. The allowances were initially only available for capital expenditure.

The Investment Allowance and Cluster Area Allowance (Investment Expenditure) Regulations 2017 (“the 2017 Regulations”) extended the definition of investment expenditure qualifying for the allowances to include certain operating and leasing expenditure. Operating expenditure qualifies for allowances if it is incurred in relation to a “facility” as defined in regulation 3 (6) of the 2017 Regulations.

Regulation 2 of these Regulations amends the definition of “facility” and “upstream petroleum infrastructure” in regulation 3(6) of the 2017 Regulations to ensure that the allowances for operating expenditure work as intended for onshore activities and activities in Northern Ireland in line with the definitions enacted in the Energy (Oil and Gas) Profits Levy Act 2022.

A Tax Information and Impact Note (TIIN) has not been prepared for this instrument as it contains no substantive changes to tax policy.

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