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Revenue and Customs Brief 35/07


HM Revenue and Customs -Tax Authorities

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Issued 10 April 2007

Tax Credit Relief

Sharjah Petroleum Revenue Tax

HMRC has changed its view on the admissibility of the Petroleum Revenue Tax charged in Sharjah on profits arising out of production sharing contracts or petroleum concession agreements entered into between companies and the Emirate of Sharjah.

We now consider this tax to be paid under the law of a territory outside the United Kingdom and computed by reference to income arising in Sharjah. It will therefore qualify for unilateral relief under Section 790 Income and Corporation Taxes Act 1988.

The amount of relief due in a particular case (including any further claims arising from this change of view) should be agreed in the usual way with:

Underlying Tax Group
Fitz Roy House
PO Box 46
Nottingham NG2 1BD

The Double Taxation Relief guidance manual (DT16751) will be amended shortly to reflect this change of view.

If you have any queries arising from this change please contact:

Kevin Madley
Frontiers & International Tax Treaty Team
100 Parliament Street
Tel: 020 7147 2661

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Crown Copyright 2007.

A licence is need to reproduce this article and has been republished for educational / informational purposes only. Article reproduced by permission of HM Revenue & Customs under the terms of a Click-Use Licence. Tax briefs are updated regularly and may be out of date at time of reading.

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Article Published/Sorted/Amended on Scopulus 2007-04-10 23:41:59 in Tax Articles

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