UK HMRC has launched a public consultation on the Investment Allowance and Cluster Area Allowance Regulations 2018. The investment and cluster area allowances currently provide tax relief which is activated by income from the production of oil and gas within the UK Continental Shelf (UKCS). The regulations expand the scope of the allowances to include tariff receipts (income received by infrastructure owners for third party use of those assets) as relevant income, for accounting periods beginning on or after 16 September 2016. This will enable oil and gas companies to use tariff receipts to activate their allowances and reduce their...