Oil Taxation Act 1983 section 10

Returns relating to tariff and disposal receipts

Section 10 sets out the reporting requirements for participators in oil fields who receive tariff receipts (income from allowing others to use their infrastructure) or disposal receipts (income from selling or transferring qualifying assets), ensuring these amounts are properly declared for petroleum revenue tax purposes.

• Participators must include in their regular petroleum revenue tax returns full details of any tariff receipts and disposal receipts attributable to their oil field, including the amount or value, the source, the assets to which they relate, and any other particulars the Board may require.
• Where a participator had already submitted a return for a chargeable period before the Act came into force, and that return would have needed to include tariff and disposal receipt details had the new rules applied at the time, the participator was required to submit a supplementary return containing those details by 30th June 1984.
• The responsible person for each oil field (typically the field operator) must also include in their returns the particulars needed to calculate any reduction in qualifying tariff receipts under the tariff receipts allowance provisions, including retrospective information for earlier periods in the return for the period ending 30th June 1984.
• For the purposes of advance petroleum revenue tax assessments, the amounts of tariff and disposal receipts are taken from the participator's return, and any reduction of tariff receipts under the tariff receipts allowance is determined accordingly.

---