Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

UK petroleum revenue tax: computation, reliefs and allowances, zero-rate regime post-2016, opt-outs, tariff receipts, decommissioning, loss carry-back and refunds, and filing/payment rules

Published by a LexisNexis Tax expert

Practice notes

This Practice Note explains the petroleum revenue tax (PRT) framework. Historically, oil companies were liable to PRT on the value of oil and gas extracted and on receipts for using qualifying Infrastructure, after deducting specified costs and reliefs. PRT was charged at varying rates following its introduction in 1975. It stood at 50% from July 1993, then was reduced to 0% with effect from 1 January 2016. Despite the nil rate, losses can still be generated and carried back to recover PRT previously paid. For guidance on the corporation tax, supplementary charge and energy profits levy Rules applying to companies in the oil and gas sector, see Practice Note: Oil and gas—corporation tax, supplementary charge and energy profits levy.

PRT post 1 January 2016

Under a 0% regime, losses computed under the PRT rules, whether arising on decommissioning or otherwise, must be carried back on a last-in, first-out basis, in accordance with that ordering. They must first be set against profits bearing the 0% rate. Only any excess is then relieved against earlier years, thereby generating actual PRT refunds...

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Phil Greatrex

CW Energy LLP

Phil is a partner and founding member of CW Energy in 1990. He is well known in the oil and gas industry as one of the leading tax advisers in this field. He qualified as a Chartered Accountant with Arthur Young (now part of EY) in London after obtaining a mathematics degree from Southampton University. After four years auditing a wide spread of industrial, service/leisure industry, and financial sector clients, he spent two years advising on accounting and UK company law issues, before transferring to specialise in corporate tax in 1982. Since then, Phil has been providing tax advice to a wide range of clients, but mainly in the oil and gas sector, on varied, and often complex, issues from cross-border corporate re-organisations, acquisitions and disposals and litigation. He has spent time on secondments with major oil companies and advised the Government of Nova Scotia on the...

Web page updated on 22/05/2026

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