Oil Taxation Act 1975 Schedule 2 paragraph 7

Production of accounts, books and other information

Paragraph 7 of Schedule 2 deals with the powers of HMRC to require participators in oil fields to produce accounts, books, documents and other information relevant to petroleum revenue tax (PRT) assessments.

• HMRC can require any participator in an oil field to provide accounts, books, documents or other information needed for PRT purposes by written notice.
• The notice must specify a reasonable time period within which the participator must comply with the request.
• The power extends to any information that HMRC considers necessary for establishing the participator's PRT liability or for verifying returns and claims already made.
• Following amendment by Finance Act 1993, these information-gathering powers were updated to align with broader changes to the PRT administration regime.

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