Oil Taxation Act 1975 section Schedule 2 paragraph 5

Returns by the responsible person

Section Schedule 2 paragraph 5 sets out the obligation on the responsible person for a taxable oil field to file periodic returns with HMRC, detailing production volumes, participator shares, and other required information.

• The responsible person must prepare and deliver a return to HMRC within one month after the end of each chargeable period, unless HMRC allows a longer deadline (including an indefinite extension that can be ended by notice).
• The return must state the quantity of oil won and saved from the field during the period, the respective interests of each participator, and each participator's share of that oil.
• Where oil from the field is blended with oil from another source, the return must instead state the total of participators' shares of oil won, less any oil won but not saved.
• The return must be in the form prescribed by HMRC, include any additional particulars HMRC requires (including details needed to calculate reductions in qualifying tariff receipts), and contain a declaration that it is correct and complete.