Oil Taxation Act 1983 Schedule 4 para 1

Definitions used in Schedule 4

Schedule 4, paragraph 1 defines the key terms used throughout the Schedule when calculating receipts attributable to the United Kingdom use of foreign field assets.

• The "principal section" is a shorthand reference to section 12 of the Oil Taxation Act 1983, which deals with receipts from UK use of foreign field assets.
• The "relevant assumptions" combine two elements: the specific assumptions set out in section 12(5), plus the further assumption that a participator in a foreign field is treated as a participator under Part I of the Oil Taxation Act 1975.
• A "United Kingdom field" means an oil field as defined in Part I of the Oil Taxation Act 1975 — that is, a field within the UK's taxing jurisdiction for petroleum revenue tax purposes.
• These definitions apply throughout the whole of Schedule 4 and ensure consistent terminology when computing amounts relating to foreign field assets used in UK operations.