1.Section 87 and Schedule 41 introduce amendments to existing legislation to facilitate the re-use of existing North Sea infrastructure. There are tax consequences when assets move out of the (RFCT) and petroleum revenue tax (PRT) regimes. These consequences include the impact on tax allowances that have already been given; the treatment of future income and expenditure; and the availability of relief for decommissioning costs.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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