Oil Taxation Act 1975 Schedule 5 paragraph 4

Claim periods and claims

Schedule 5 paragraph 4 deals with what happens when a participator fails to submit a valid expenditure allowance claim, with all required asset information, within twelve months after the end of the relevant claim period.

• When claiming allowance for expenditure on long-term assets, participators must provide all relevant information about each asset within their claim for the relevant claim period.
• If a valid claim with all the required asset information is not submitted within twelve months after the end of the claim period, HMRC may step in and use their best judgement.
• Using their best judgement, HMRC can determine how the expenditure allowance provisions under section 4 of the Act should apply to that asset for that claim period.
• HMRC may also make any consequential adjustments to assessments, determinations or other matters as permitted under Schedule 4 paragraph 6(2) of the Act.