FTT addresses the scope of the North Sea ring fence in relation to service providers

The FTT has determined the scope of the oil taxation “ring fence” in the context of drilling service providers.  The FTT rejected the appeal of Centrica Storage about the tax treatment of profits made on the provision of drilling services in the Rough gas field. Jonathan Peacock KC and Susanna Mockford acted for Centrica on the instructions of Pinsent Mason.

The case can be found here.