Country Report
United Kingdom upstream fiscal summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
All upstream projects in the UK are governed by concessions. Licences were awarded in regular rounds with fixed fiscal terms. However, after September 2022, 3 tests are performed to decide whether to hold the licensing rounds in the future to meet the climate change objectives. Over the years, the tax system has seen numerous changes, the most recent being the increase in Energy Profits Levy (EPL) and its extension to March 2030. The mature UK Continental Shelf features a progressive profit-based tax regime with no up-front taxes and generous capital uplifts. The key elements are the Ring Fence Corporation Tax (RFCT), Supplementary Charge (SC) and Energy Profits Levy (EPL).
Table of contents
- Basis
-
Licence terms
- (Offshore) Innovate Licence
- (Onshore)Petroleum Exploration and Development Licence
- Government equity participation
-
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Royalty
- Ring Fence Corporation Tax (RFCT)
- Ring fencing
- Base
- Income
- Ded u ctions
- 15 more item(s)...
- Recent history of fiscal changes
- Stability provisions
- Split of the barrel and share of profit
- Effective royalty rate and maximum government share
- Progressivity
- Fiscal deterrence
Tables and charts
This report includes the following images and tables:
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TimelineTimeline detailSplit of the barrel - oil
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Split of the barrel - gasShare of profit - oilShare of profit - gasEffective royalty rate - onshore, shelf and deepwater, oil and gasMaximum government share - onshore, shelf and deepwater, oil and gasState share versus Pre-Share IRR - oilState share versus Pre-Share IRR - gasInvestor IRR versus Pre-Share IRR - oilInvestor IRR versus Pre-Share IRR - gas
- 4 more item(s)...
What's included
This report contains:
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