Oil Taxation Act 1975 Schedule 5 paragraph 8

Appeals

Schedule 5 paragraph 8 deals with the consequences that follow when a tribunal's decision on an expenditure appeal under paragraph 5 is itself appealed and the higher court or tribunal reaches a different conclusion on any matter.

• Where a tribunal decision on an expenditure claim appeal is overturned on further appeal, the paragraph sets out the adjustments that must follow.
• Any expenditure that would have been allowed (or allowed as qualifying for supplement) had the Board's original decision reflected the final outcome is treated as having been allowed on the date the original notice of appeal was given.
• All relevant profit computations, tax assessments, and determinations must be adjusted to reflect the final outcome of the appeal process.
• Any additional tax arising from those adjustments carries interest at the applicable statutory rate from two months after the end of the chargeable period until the date of payment.