OT00030 - »Ê¹ÚÌåÓýapp taxation of the UK oil industry: an overview: interaction between the elements of the fiscal regime

PRT, RFCT and SC interact with each other in the following ways.

  • PRT is deductible in computing profits for RFCT and SC
  • SC is charged on the profits for RFCT, but without any deduction for finance costs

»Ê¹ÚÌåÓýapp regime which applies to profits arising from any particular oil field depends on the date on which the field received development consent.

  • Fields which received development consent before 16 March 1993 are subject to PRT, RFCT and SC (although PRT was zero-rated from 1 January 2016).
  • Fields which received development consent on or after 16 March 1993 are subject to RFCT and SC.