Oil Taxation Act 1975 Schedule 8 paragraph 4

Claims by participators for allowance of unrelievable field losses

Schedule 8 paragraph 4 sets out the process by which a participator in an oil field may claim relief for unrelievable field losses under the petroleum revenue tax regime.

• A participator may claim an unrelievable field loss allowance at any time after a formal decision has been made that oil winning from the loss-making field has permanently ceased.
• The claim must be made by the participator to the Board (HMRC).
• If the participator later discovers an error or mistake in the original claim, a supplementary claim may be made to correct it.
• The procedural rules that apply to expenditure claims under Schedule 5 of the Act also apply to unrelievable field loss claims, with appropriate modifications — in particular, references to expenditure are read as references to unrelievable field losses, and references to sections 3 or 4 are read as references to section 6.

---