Oil Taxation Act 1983 Schedule 5 para 1

Transitional provisions

Schedule 5 paragraph 1 sets out the transitional provisions that applied when the Oil Taxation Act 1983 came into force, ensuring that expenditure claims already in progress or relating to earlier periods were handled appropriately under the new rules.

• Expenditure claims submitted before the Act took effect were generally dealt with under the rules that existed at the time they were made, preserving the position of claimants who had already engaged with the previous system.
• Where expenditure had been incurred before the new provisions came into force but had not yet been claimed, the transitional rules set out how and when such expenditure could be brought into the new regime.
• The paragraph ensured continuity so that taxpayers were not disadvantaged by the changeover from the old legislative framework to the new one introduced by the 1983 Act.
• The provision was subsequently amended by Finance Act 2009, Schedule 45, paragraph 2(4), which updated the transitional arrangements to reflect later legislative changes.

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