How does Schedule 4 paragraph 14 of the Oil Taxation Act 1983 modify Schedule 2 for foreign fields?

Paragraph 14 adapts Schedule 2 to the Oil Taxation Act 1975 so that all references to oil fields and participators apply only to foreign fields. Chargeable periods are limited to those in which a participator has chargeable receipts from a foreign field, and return requirements are simplified to focus on receipts from qualifying assets.

What must a participator's return include under the foreign field tax rules?

A participator's return must include a statement of the amount or value and source of chargeable receipts attributable to the period, identification of the qualifying assets giving rise to those receipts, and any other particulars prescribed by the Board. The more detailed return requirements under section 10(1)–(3) of the 1983 Act do not apply.

How are field-level returns simplified for foreign field tax purposes?

Field-level returns under paragraph 5 of Schedule 2 need only contain the particulars the Board requires to calculate the tariff receipts allowance reduction under section 9 of the 1983 Act as applied through paragraph 8(3) of Schedule 4. The standard comprehensive field return content is not required for foreign field participators.

How are assessment appeals modified for foreign field tax under paragraph 14?

The assessment appeal provision in paragraph 14 of Schedule 2 is simplified so that appeals compare the aggregate of receipts stated in the participator's return with the aggregate of corresponding receipts in the assessment. The more elaborate sub-paragraphs (4) to (7) of that paragraph are omitted entirely from the foreign field regime.

Oil Taxation Act 1983 section Schedule 4 paragraph 14

Modifications to Schedule 2 administration provisions for foreign field tax

Schedule 4, paragraph 14 adapts the administrative and reporting rules in Schedule 2 to the Oil Taxation Act 1975 so that they work correctly when applied to tax charged on receipts from qualifying assets connected with foreign oil fields.

All references to oil fields and participators in Schedule 2 are read as referring only to foreign fields and participators in foreign fields, and chargeable periods are limited to those in which a participator has chargeable receipts from a foreign field.
Participator returns for foreign field tax must report the amount, value and source of chargeable receipts, the assets giving rise to those receipts, and any other particulars the Board prescribes — replacing the standard return requirements.
Field-level returns are simplified so they need only contain information required to calculate the tariff receipts allowance reduction applicable to chargeable receipts under the foreign fields regime.
Various other Schedule 2 provisions are trimmed: insurance and compensation rules exclude references to oil won from the field, and the assessment appeal mechanism is simplified by removing several sub-paragraphs.

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