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Oil and gas taxation in the UK Deloitte taxation and …

Capital allowances (tax depreciation) rules that apply to all UK companies also apply to upstream companies. In addition, there are some specific rules: • first year allowances of 100% are available on qualifying expenditure incurred in the period of acquisition on plant and machinery (subject to a five year ‘use’ test) or mineral ...

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  Capital, Plants, Machinery, Allowance, Capital allowance

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