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Business environment and economics, Energy and fiscal policy, Technical Notes and Resources

UKOITC: North Sea Memorandum


This Memorandum has been prepared to supplement HM Revenue & Customs’ published guidance, which is not designed to comprehensively cover all aspects of this specialist and complex industry.This document has been reviewed by representatives of HMRC who have also assisted in its preparation. However, it is not an official HMRC publication but rather represents UKOITC-ITC’s understanding of the relevant law and practice as at the date of publication. It should be made clear that, where the views expressed herein are subsequently overtaken by a change of law, the decision of a tribunal or court, the up-dating of an official publication, or where there remains any doubt as to the correct VAT treatment of a supply, members are advised to consult HMRC’s National Advice Centre.

UKOITC-ITC have been advised by HMRC that, should one of their Officers disagree with any interpretation contained in the Memorandum, the Officer should be asked to consult the Oils Unit of Expertise before taking any action.

The Memorandum covers indirect tax implications in the following areas On-shore and Off-shore Exploration and Exploitation, Disposal and Rearrangement of Licence Interests and Financing Agreements, Warehousing and Customs matters.

If you have any questions concerning the document or its content, you can contact either Shelagh Spurway at Centrica plc ([email protected]) or Jonathan Evan-Hughes at BP plc ([email protected]) as representatives of the UKOITC-ITC. Please note that specific technical advice cannot be provided. In addition, contributors to the document cannot be held responsible for any errors or omissions.”

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