What is the purpose of Schedule 9 of the Oil Taxation Act 1975?

Schedule 9 sets out supplementary and transitional provisions that underpin the main charging and administrative provisions of the Oil Taxation Act 1975. These rules ensure petroleum revenue tax (PRT) operates smoothly in practice, providing supporting detail for computational and procedural questions relating to oil taxation in the United Kingdom.

Who needs to consult Schedule 9 of the Oil Taxation Act 1975?

Accountants and tax advisers dealing with oil and gas clients, such as companies operating North Sea oil fields, may need to consult Schedule 9. While main PRT rules are in the Act's principal sections, Schedule 9 provides supplementary detail on transitional provisions and procedural requirements essential for accurate compliance.

How does Schedule 9 interact with the main sections of the Oil Taxation Act 1975?

Schedule 9 works alongside the main sections of the Act as background machinery. The headline rules for computing PRT liabilities and allowances are in the main sections, while Schedule 9 provides the supporting detail ensuring consistent treatment of oil taxation across different periods, circumstances, and transitional situations under United Kingdom law.

Oil Taxation Act 1975 Schedule 9

Q: How did section 844 of the Income and Corporation Taxes Act 1988 affect Schedule 9?

Section 844 of the Income and Corporation Taxes Act 1988 made consequential amendments to Schedule 9 by updating cross-references. When Parliament consolidated income and corporation tax rules into the 1988 Act, references in the Oil Taxation Act 1975 were amended to point to the correct new provisions rather than the older statutes they replaced.

Supplementary provisions regarding the Oil Taxation Act

Schedule 9 provides supplementary and transitional provisions supporting the main body of the Oil Taxation Act 1975, as amended by section 844 of the Income and Corporation Taxes Act 1988.

Schedule 9 contains supplementary provisions that support the operation of the Oil Taxation Act 1975 in relation to petroleum revenue tax (PRT)
The schedule was amended by section 844 of the Income and Corporation Taxes Act 1988, which updated cross-references and aligned terminology with the consolidated income and corporation tax legislation
The provisions address transitional and procedural matters necessary for the practical administration of PRT obligations on oil companies
The schedule works alongside the main sections of the Act to ensure consistent treatment of oil taxation across different periods and circumstances

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