|
Oil Taxation Act 1975
The Oil Taxation Act 1975 (c 22) is a UK Act of Parliament relevant for UK enterprise law that was intended to ensure that oil and gas extraction companies operating in British territories and waters paid their fair share of tax. Over many years of amendments it was largely eliminated over 2015 and 2016, as the Petroleum Revenue Tax was cut to zero. Contents s 1, previously 50% now 0% Petroleum Revenue Tax. s 13, ring fence corporation tax, if ‘any oil extraction activities’ are undertaken or any ‘acquisition, enjoyment or exploitation of oil rights’ done, they are to be treated as a ‘separate trade, distinct from other activities’ carried out by the company. s 19, downstream activities (e.g. refining) or those outside the UK are not in the scope of the ring fence. Oil Taxation Act 1975 The Oil Taxation Act 1975 (1975 c. 22) received Royal Assent on 8 May 1975. Its long title is ‘An Act to impose a new tax in respect of profits from substances won or capable of b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Act Of Parliament
In the United Kingdom an act of Parliament is primary legislation passed by the Parliament of the United Kingdom. An act of Parliament can be enforced in all four of the constituent countries of the United Kingdom, UK constituent countries (England, Scotland, Wales and Northern Ireland); however as a result of Devolution in the United Kingdom, devolution the majority of acts that are now passed by Parliament apply either to England and Wales only, or England only; whilst generally acts only relating to Reserved and excepted matters, constitutional and reserved matters now apply to the whole of the United Kingdom. A draft piece of legislation is called a Bill (law), bill; when this is passed by Parliament and given Royal Assent, it becomes an act and part of statute law. Classification of legislation Acts of Parliament are classified as either "public general acts" or "local and personal acts" (also known as "private acts"). Bills are also classified as "public", "priva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Enterprise Law
United Kingdom enterprise law concerns the ownership and regulation of organisations producing goods and services in the UK, European and international economy. Private enterprises are usually incorporated under the Companies Act 2006, regulated by company law, competition law, and insolvency law, while almost one third of the workforce and half of the UK economy is in enterprises subject to special regulation. Enterprise law mediates the rights and duties of investors, workers, consumers and the public to ensure efficient production, and deliver services that UK and international law sees as universal human rights. Labour, company, competition and insolvency law create general rights for stakeholders, and set a basic framework for enterprise governance, but rules of governance, competition and insolvency are altered in specific enterprises to uphold the public interest, as well as civil and social rights. Universities and schools have traditionally been publicly established, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Assent
Royal assent is the method by which a monarch formally approves an act of the legislature, either directly or through an official acting on the monarch's behalf. In some jurisdictions, royal assent is equivalent to promulgation, while in others that is a separate step. Under a modern constitutional monarchy, royal assent is considered little more than a formality. Even in nations such as the United Kingdom, Norway, the Netherlands, Liechtenstein and Monaco which still, in theory, permit their monarch to withhold assent to laws, the monarch almost never does so, except in a dire political emergency or on advice of government. While the power to veto by withholding royal assent was once exercised often by European monarchs, such an occurrence has been very rare since the eighteenth century. Royal assent is typically associated with elaborate ceremony. In the United Kingdom the Sovereign may appear personally in the House of Lords or may appoint Lords Commissioners, who announce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Gas Corporation
British Gas (trading as Scottish Gas in Scotland) is an energy and home services provider in the United Kingdom. It is the trading name of British Gas Services Limited and British Gas New Heating Limited, both subsidiaries of Centrica. Serving around twelve million homes in the United Kingdom, British Gas is the biggest energy supplier in the country, and is considered one of the Big Six dominating the gas and electricity market in the United Kingdom. History 1812–1948 The Gas Light and Coke Company was the first public utility company in the world. It was founded by Frederick Albert Winsor and incorporated by Royal Charter on 30 April 1812 under the seal of King George III. It continued to thrive for the next 136 years, expanding into domestic services whilst absorbing many smaller companies including the Aldgate Gas Light and Coke Company (1819), the City of London Gas Light and Coke Company (1870), the Equitable Gas Light Company (1871), the Great Central Gas Consumer' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum Revenue Tax Act 1980
The Petroleum Revenue Tax Act 1980 (1980 c. 1) is a UK Act of Parliament associated with UK enterprise law that made new provisions for petroleum revenue tax (introduced by the Oil Taxation Act 1975). The Act required that payments on account of tax should be made in advance of an assessment, and that interest payable on tax was brought forward. Background In introducing the Petroleum Revenue Tax Bill to Parliament in December 1979, the Treasury Minister of State, Peter Rees, admitted that the Bill was partly a response to the Government’s critical cash flow problem, caused by industrial action. The Bill was designed to advance the payments of petroleum revenue tax (PRT). It was estimated that the provisions would bring £700 million forward from 1980–81 into the financial year 1979–80. In addition, £300 million would be brought forward into 1980–81. It would also bring the regime for payment of PRT into line with that for the payment of royalties on North Sea oil re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Energy Law
Energy laws govern the use and taxation of energy, both renewable and non-renewable. These laws are the primary authorities (such as caselaw, statutes, rules, regulations and edicts) related to energy. In contrast, energy policy refers to the policy and politics of energy. Energy law includes the legal provision for oil, gasoline, and "extraction taxes." The practice of energy law includes contracts for siting, extraction, licenses for the acquisition and ownership rights in oil and gas both under the soil before discovery and after its capture, and adjudication regarding those rights. Renewable energy law International law There is a growing academic interest in international energy law, including continuing legal education seminars, treatises, law reviews, and graduate courses. In the same line, there has been growing interest on energy-specific issues and their particular relation with international trade and connected organizations like the World Trade Organiza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporation Tax Act 2010
The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010. It was first presented (first reading) in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010. It was first read in the House of Lords on 4 February 2010 and received its second and third readings on 2 March 2010. Overview Section 1 of the Act gives a summary of the contents of the 2010 Act, and the changes it made, primarily to the Income and Corporation Taxes Act 1988 Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For .... References External linksCorporation Tax Act 2010 on legislation.gov.uk United Kingdom Acts of Parliament 2010 Tax legislation in the United Kingdom {{UK-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Enterprise Law
United Kingdom enterprise law concerns the ownership and regulation of organisations producing goods and services in the UK, European and international economy. Private enterprises are usually incorporated under the Companies Act 2006, regulated by company law, competition law, and insolvency law, while almost one third of the workforce and half of the UK economy is in enterprises subject to special regulation. Enterprise law mediates the rights and duties of investors, workers, consumers and the public to ensure efficient production, and deliver services that UK and international law sees as universal human rights. Labour, company, competition and insolvency law create general rights for stakeholders, and set a basic framework for enterprise governance, but rules of governance, competition and insolvency are altered in specific enterprises to uphold the public interest, as well as civil and social rights. Universities and schools have traditionally been publicly established, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
