Income Tax (Trading and Other Income) Act 2005 section 225E

Other definitions

Section 225E provides definitions of key terms used throughout the Chapter dealing with oil-related activities and taxation.

  • Defines "chargeable period", "oil field" and "participator" by reference to the Oil Taxation Act 1975
  • Defines "designated area" as an area specified by Order in Council under the Continental Shelf Act 1964
  • Defines "oil" broadly as any substance extractable under a Petroleum Act licence, excluding methane gas from mine safety operations
  • Establishes "OTA 1975" as the abbreviation for the Oil Taxation Act 1975

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