Taxes Consolidation Act 1997 section 696I

Petroleum production tax and corporation tax

Section 696I provides that petroleum production tax paid in respect of a taxable field is allowable as a deduction in computing profits chargeable to corporation tax.

• A company may claim a deduction for petroleum production tax (PPT) when calculating its corporation tax liability.
• The deduction applies to PPT payable in respect of any taxable field.
• The deduction relates to PPT payable for the relevant period being computed.
• The provision was introduced by Finance Act 2015.