Oil Taxation Act 1983 Schedule 5 paragraph 3

Transitional provisions

Schedule 5 paragraph 3 sets out transitional provisions that applied when the Oil Taxation Act 1983 first came into force, ensuring a smooth changeover from the previous rules to the new expenditure claim and allowance regime.

• Transitional rules governed how expenditure claims already in progress were treated when the 1983 Act took effect, preventing disruption to ongoing petroleum revenue tax assessments.
• Expenditure incurred before the new rules applied could still qualify for relief under the previous provisions, subject to specific conditions during the changeover period.
• The paragraph ensured that participators in oil fields were not disadvantaged by timing differences between the old and new legislative frameworks.
• The provisions were subsequently amended by Finance Act 2009 Schedule 45 paragraph 2(4), updating the transitional arrangements to reflect later legislative changes.

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