Oil Taxation Act 1983 Schedule 5 paragraph 2

Transitional provisions

Schedule 5 paragraph 2 sets out the transitional provisions that applied when the Oil Taxation Act 1983 came into force, dealing with how expenditure claims and allowances already in progress were to be treated under the new rules.

• Transitional rules governed how existing expenditure claims were handled when the 1983 Act replaced or amended earlier petroleum revenue tax provisions.
• Expenditure that had already been claimed or allowed under the previous rules was preserved and did not need to be re-submitted under the new framework.
• Any claims that were pending or partially processed at the time of the changeover were to be completed under whichever set of rules was more appropriate, ensuring no claims fell through the gaps.
• The Finance Act 2009 subsequently amended this paragraph to update references and align the transitional provisions with later legislative changes.

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