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Oil Taxation Act 1975

▸ Part I – Petroleum Revenue Tax
  • Section 1 – Petroleum revenue tax
  • Section 2 – Assessable profits and allowable losses
  • Section 3 – Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure)
  • Section 4 – Allowance of expenditure on long-term assets
  • Section 5 – Allowance of abortive exploration expenditure
  • Section 5A – Allowance of exploration and appraisal expenditure
  • Section 5B – Allowance of research expenditure
  • Section 6 – Allowance of unrelievable loss from abandoned field
  • Section 7 – Relief for allowable losses
  • Section 8 – Oil allowance
  • Section 9 – Limit on amount of tax payable
  • Section 9A – Operating expenditure incurred while section 9 applies
  • Section 10 – Modification of Part I in connection with certain gas sold to British Gas Corporation
  • Section 11 – Application of Provisional Collection of Taxes Act 1968
  • Section 12 – Interpretation of Part I
  • Section 12A – Date of delivery or appropriation: shipped oil not sold at arm's length
▸ Part II
  • Section 13
  • Section 14
  • Section 15
  • Section 16
  • Section 17
  • Section 18
  • Section 19
▸ Part III – Miscellaneous and General
  • Section 21 – Citation, interpretation and construction
  • Section 20
▸ Schedules
  • ▸ Schedule 1 Determination of Oil Fields
    • Areas that are oil fields (para 1-5)
    • Areas treated as continuing to be oil fields (para 6-7)
  • ▸ Schedule 2 Management and Collection of Petroleum Revenue Tax
    • Management of tax (para 1)
    • Returns by participators (para 2-3)
    • Appointment of responsible person for each oil field (para 4)
    • Returns by the responsible person (para 5-6)
    • Production of accounts, books and other information (para 7)
    • Incorrect returns, accounts, etc. (para 8-9)
    • Assessments to tax and determinations of loss, etc. (para 10-12B)
    • Payment of tax (para 13)
    • Claim for relief for overpaid tax etc (para 13A)
    • Cases in which HMRC not liable to give effect to a claim (para 13B)
    • Making a claim (para 13C)
    • Decision on claim (para 13 D)
    • Assessment of claimant in connection with claim (para 13E)
    • Contract settlements (para 13F)
    • Appeals (para 14)
    • Appeal: HMRC review or determination by tribunal (para 14A)
    • Participator requires review by HMRC (para 14B)
    • HMRC offer review (para 14C)
    • Notifying appeal to the tribunal (para 14D)
    • Nature of review etc (para 14E)
    • Effect of conclusions of review (para 14F)
    • Notifying appeal to tribunal after review concluded (para 14G)
    • Notifying appeal to tribunal after review offered but not accepted (para 14H)
    • Interpretation of paragraphs 14A to 14H (para 14I)
    • Interest on tax (para 15-17)
  • ▸ Schedule 3 Petroleum Revenue Tax: Miscellaneous Provisions
    • Definition of sale of oil at arm’s length (para 1)
    • Determination of market value: the notional delivery day for a quantity of oil (para 1A)
    • Definition of market value of oil (para 2-2A)
    • Aggregate market value of oil for purposes of section 2(5) (para 3)
    • Definition of market value of light gases (para 3A)
    • Oil delivered in place of royalties to be disregarded for certain purposes (para 4)
    • Effect of transfer to an associated company of participator’s rights etc. in connection with an oil field or relevant licence (para 5)
    • Oil owned by a person other than a participator in the oil field from which it was won (para 6)
    • Effect of certain transactions between participators (para 6A)
    • Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing . . . (para 7)
    • Certain subsidised expenditure to be disregarded (para 8)
    • Election to have amounts mentioned in section 2(9)(b) and (c) spread (para 9-10)
    • Restriction of amount of reduction under section 8(1) (para 11)
    • Transfers of interests in oil fields: post-transfer decommissioning expenditure (para 11A)
    • Power to make regulations under this Schedule (para 12)
  • ▸ Schedule 4 Provisions Supplementary to Sections 3 and 4
    • Restrictions on expenditure allowable under section 3 or 4 (para 1-3)
    • Disposal of long-term asset formerly used in connection with an oil field (para 4-5)
    • Provisions supplementary to section 4(9) of this Act and paragraph 5(2) above (para 6)
    • Insurance or compensation in respect of loss or destruction of long-term asset formerly used in connection with oil field (para 7)
    • Assets acquired jointly by participators in different oil fields (para 8)
  • ▸ Schedule 5 Allowance of Expenditure (other than Abortive Exploration Expenditure)
    • Claim periods and claims (para 1-4)
    • Appeals (para 5-10)
  • ▸ Schedule 6 Allowance of Expenditure (other than Abortive Exploration Expenditure) on Claim by Participator
    • Paragraph 1
    • Paragraph 2
  • ▸ Schedule 7 Allowance of Abortive Exploration Expenditure
    • Paragraph 1
  • ▸ Schedule 8 Allowance of Unrelievable Field Loss
    • Reference and determination of question of abandonment of oil field (para 1-3)
    • Claims by participators for allowance of unrelievable field losses (para 4)
  • Schedule 9
Schedules / Schedule 3 Petroleum Revenue Tax: Miscellaneous Provisions / Effect of transfer to an associated company of participator’s rights etc. in connection with an oil field or relevant licence (para 5)

Effect of transfer to an associated company of participator’s rights etc. in connection with an oil field or relevant licence (para 5)

Contents

  • Paragraph 5 Effect of transfer to an associated company of participator’s rights etc. in connection with an oil field or relevant licence Section commentary

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