Oil Taxation Act 1983 Schedule 5 paragraph 6

Transitional Provisions

Schedule 5 paragraph 6 sets out the transitional provisions that applied when the Oil Taxation Act 1983 came into force, governing how existing petroleum revenue tax (PRT) arrangements were carried over into the new regime.

• Transitional rules ensured a smooth changeover from the previous PRT framework to the updated provisions introduced by the Oil Taxation Act 1983.
• Existing claims, allowances, or assessments that were already in progress under the old rules were preserved and continued to have effect under the new legislation.
• The paragraph addressed how expenditure incurred before the new Act took effect would be treated, so that taxpayers were not disadvantaged by the timing of the legislative change.
• The provisions were subsequently amended by Finance Act 2009 Schedule 45 paragraph 2(4), updating the transitional framework in line with later legislative developments.