What is the official short title given by section 3 of the Petroleum Revenue Tax Act 1980?

Section 3 formally cites the legislation as the Petroleum Revenue Tax Act 1980. This is the official short title by which the Act is referred to in all subsequent United Kingdom legislation, legal proceedings, and correspondence. It performs a standard housekeeping function found at the end of most UK tax statutes.

How does the Petroleum Revenue Tax Act 1980 relate to the Oil Taxation Act 1975?

Section 3 confirms the 1980 Act must be construed as one with Part I of the Oil Taxation Act 1975. This means definitions, procedures, and rules in the 1975 Act apply equally when reading the 1980 Act. The two pieces of legislation operate together as a single coherent framework for petroleum revenue tax in the United Kingdom.

When do the payments on account and interest provisions under the 1980 Act take effect?

The payments on account rules in section 1 and the interest charges on unpaid tax in section 2(1) and (2) apply to chargeable periods ending on or after 31 December 1979. However, section 2(3) dealing with interest on repayments of overpaid tax has a different commencement date, taking effect from 1 January 1980.

Why does section 2(3) on repayment interest have a different commencement date from the other provisions?

The distinction matters because a taxpayer's entitlement to receive interest on overpaid petroleum revenue tax runs from a different calendar date to the obligation to pay interest on underpaid tax. Repayment interest under section 2(3) takes effect from 1 January 1980, whereas the liability provisions apply to chargeable periods ending on or after 31 December 1979.

Petroleum Revenue Tax Act 1980 section 3

Short title, construction and commencement

Section 3 sets out the formal citation of the Act, confirms how it should be read alongside existing oil taxation legislation, and specifies the dates from which its provisions take effect.

The Act is formally cited as the Petroleum Revenue Tax Act 1980.
The Act must be read and interpreted as part of the same body of law as Part I of the Oil Taxation Act 1975.
The payments on account rules in section 1 apply to chargeable periods ending on or after 31 December 1979, and the interest provisions in section 2(1) and (2) apply to tax charged for those same periods.
The repayment interest provisions in section 2(3) take effect from 1 January 1980.

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