Skip to main content
Taxworld Logo
  • Membership
  • Tax Guide 2025–26 All Tax Guides Finance Act 2025 All Finance Acts See all publications →
  • Tax Planning for Non-Doms: Ireland 2024 See all events →
  • Blog Legislation
  • About Tax World Ireland 🇮🇪
Log in Get Started
Get Started
Taxworld Logo
Membership
Publications
Tax Guide 2025–26 All Tax Guides Finance Act 2025 All Finance Acts See all publications
Events
Tax Planning for Non-Doms: Ireland 2024 See all events
Resources
Blog Legislation
Company
About Tax World Ireland 🇮🇪
Log in Get Started

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
â–¸ 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
â–¸ Schedules
  • â–¸ 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)
  • â–¸ 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)
  • â–¸ 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)
  • â–¸ 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)
  • â–¸ Schedule 5 Allowance of Expenditure (other than Abortive Exploration Expenditure)
    • Claim periods and claims (para 1-4)
    • Appeals (para 5-10)
  • â–¸ Schedule 6 Allowance of Expenditure (other than Abortive Exploration Expenditure) on Claim by Participator
    • Paragraph 1
    • Paragraph 2
  • â–¸ Schedule 7 Allowance of Abortive Exploration Expenditure
    • Paragraph 1
  • â–¸ 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 / Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing . . . (para 7)

Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing . . . (para 7)

Contents

  • Paragraph 7 Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing . . . Section commentary

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.

Become a member

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.

  • AI tax research with linked legislation and Finance Act changes
  • Commentary, official guidance, publications and training material
  • Case law, appeals and tribunal decisions in one place
Become a member
Taxworld Logo

Empowering your business.

We give accountants, tax consultants, financial advisers and legal advisers exactly what you need so you can solve problems like a pro.

Company

  • Membership
  • About
  • Taxworld Ireland 🇮🇪

Explore

  • Blog
  • Legislation
  • Publications
  • Events

© Copyright 2026 Taxworld

Privacy Policy | Cookies Policy | | Conditions of Use

We use optional analytics cookies to understand how people use our site. Cookie policy