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Oil Taxation Act 1975 Schedule 3 paragraph 7
Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing
Paragraph 7 of Schedule 3 provides that oil which is still being transported to its first landing point in the UK at the end of a chargeable period is excluded from certain adjustments when calculating a participator's assessable profit or allowable loss.
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