Oil Taxation Act 1975 section Sch 4 para 7

Insurance or compensation in respect of loss or destruction of long-term asset formerly used in connection with oil field

Section Sch 4 para 7 explains how insurance or compensation proceeds received for the loss or destruction of a long-term asset connected with an oil field are treated as a deemed disposal for petroleum revenue tax purposes.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.