Oil Taxation Act 1983 section 6

Chargeable tariff receipts

Section 6 defines what tariff receipts are for petroleum revenue tax purposes and explains how they are brought into the computation of a participator's assessable profit or allowable loss from an oil field.

• Tariff receipts are included as positive amounts when computing a participator's assessable profit or allowable loss for chargeable periods ending after 30 June 1982.
• Tariff receipts comprise all consideration (whether income or capital) received for the use of a qualifying asset or for providing services and facilities connected with someone else's use of that asset.
• Certain amounts are excluded from being tariff receipts: interest and loan-related payments, amounts connected with deballasting, and amounts for asset use that is not wholly or partly for an oil purpose.
• Use for an oil purpose means use in connection with an oil field (including use generating tariff receipts) or use for activities that qualify as oil-related activities for corporation tax ring fence purposes.

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