Oil Taxation Act 1975 section 12A

Assessments to tax and determinations of loss, etc.

Paragraph 12A extends the time limit for HMRC to make petroleum revenue tax assessments where the deadline for delivering a return has been extended beyond one year after the end of the chargeable period.

• Where HMRC has granted an extension to the normal return filing deadline for a chargeable period, the usual time limit for making an assessment may be extended.
• The extension applies only where the "relevant time" falls more than one year after the end of the chargeable period in question.
• When triggered, HMRC has 4 years from the "relevant time" in which to make an assessment, even if the normal assessment window would have closed sooner.
• The "relevant time" is whichever is earlier: the extended filing deadline, or the date the return is actually delivered.