Oil Taxation Act 1975 section 3

Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure)

Section 3 sets out which types of operational expenditure incurred by a participator in an oil field may be deducted when calculating petroleum revenue tax, excluding spending on long-term assets and abortive exploration (which are dealt with separately).

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.