Oil Taxation Act 1975 section 14

Interpretation

Section 14 provides definitions and interpretive rules for key terms used throughout the Oil Taxation Act 1975, ensuring consistent application of Petroleum Revenue Tax provisions.

• Defines essential terms such as "participator," "oil field," "licence," and "the Board" (meaning the Board of Inland Revenue) as used throughout the Act.
• Clarifies how references to winning oil, the terminal point of oil, and market value are to be understood for the purposes of computing Petroleum Revenue Tax liabilities.
• Establishes that the Act is to be read in conjunction with the Income and Corporation Taxes Act 1988, incorporating relevant definitions and interpretive provisions from that legislation.
• Provides that where a participator's interest in a field changes during a chargeable period, the provisions of the Act apply to each portion of the period separately as appropriate.