Oil Taxation Act 1975 Schedule 5 paragraph 2

Claim periods and claims

Schedule 5 paragraph 2 sets out how and when claims for allowable expenditure must be made under the petroleum revenue tax regime, including the time limits, required content of claims, and the rules for dividing expenditure between participators in an oil field.

• Claims for allowable expenditure must be made by the responsible person to HMRC for the claim period in which the expenditure is incurred, but not before the field is determined, and no later than four years after the end of that claim period
• If expenditure was incurred before a person became a participator in the field, the claim must be made for the claim period in which they became a participator
• Each claim must state what portion of the expenditure qualifies for supplement, and must set out the proposed shares in which the participators will divide the allowed expenditure and any related supplement between them
• Where HMRC has extended the filing deadline for a return and the extended deadline falls more than two years after the end of the claim period, the time limit for making the claim is extended to two years after the earlier of the extended deadline or the date the return is actually delivered