Oil Taxation Act 1975
Oil Taxation Act 1975 (1975 c. 22)
- Oil Taxation Act 1975 (1975 c. 22)
- PART I PETROLEUM REVENUE TAX
- 1 Petroleum revenue tax.
- 2 Assessable profits and allowable losses.
- 3 Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure).
- 4 Allowance of expenditure on long-term assets.
- 5 Allowance of abortive exploration expenditure.
- 5A Allowance of exploration and appraisal expenditure.
- 5B Allowance of research expenditure.
- 6 Allowance of unrelievable loss from abandoned field.
- 7 Relief for allowable losses.
- 8 Oil allowance.
- 9 Limit on amount of tax payable.
- 9A Operating expenditure incurred while section 9 applies.
- 10 Modification of Part I in connection with certain gas sold to British Gas Corporation.
- 11 Application of Provisional Collection of Taxes Act 1968.
- 12 Interpretation of Part I.
- 12A Date of delivery or appropriation: shipped oil not sold at arm's length
- 13–19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part III Miscellaneous and General
- 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 21 Citation, interpretation and construction.
- SCHEDULES
- SCHEDULE 1 Determination of Oil Fields
- Areas that are oil fields
- Areas treated as continuing to be oil fields
- SCHEDULE 2 Management and Collection of Petroleum Revenue Tax
- Management of tax
- Returns by participators
- Appointment of responsible person for each oil field
- Returns by the responsible person
- Production of accounts, books and other information
- Incorrect returns, accounts, etc.
- Assessments to tax and determinations of loss, etc.
- Payment of tax
- Claim for relief for overpaid tax etc
- Cases in which HMRC not liable to give effect to a claim
- Making a claim
- Decision on claim
- Assessment of claimant in connection with claim
- Contract settlements
- Appeals
- Appeal: HMRC review or determination by tribunal
- Participator requires review by HMRC
- HMRC offer review
- Notifying appeal to the tribunal
- Nature of review etc
- Effect of conclusions of review
- Notifying appeal to tribunal after review concluded
- Notifying appeal to tribunal after review offered but not accepted
- Interpretation of paragraphs 14A to 14H
- Interest on tax
- SCHEDULE 3 Petroleum Revenue Tax: Miscellaneous Provisions
- Definition of sale of oil at arm’s length
- Determination of market value: the notional delivery day for a quantity of oil
- Definition of market value of oil
- Aggregate market value of oil for purposes of section 2(5)
- Definition of market value of light gases
- Oil delivered in place of royalties to be disregarded for certain purposes
- Effect of transfer to an associated company of participator’s rights etc. in connection with an oil field or relevant licence
- Oil owned by a person other than a participator in the oil field from which it was won
- Effect of certain transactions between participators
- Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing . . .
- Certain subsidised expenditure to be disregarded
- Election to have amounts mentioned in section 2(9)(b) and (c) spread
- Restriction of amount of reduction under section 8(1)
- Transfers of interests in oil fields: post-transfer decommissioning expenditure
- Power to make regulations under this Schedule
- SCHEDULE 4 Provisions Supplementary to Sections 3 and 4
- Restrictions on expenditure allowable under section 3 or 4
- Disposal of long-term asset formerly used in connection with an oil field
- Provisions supplementary to section 4(9) of this Act and paragraph 5(2) above
- Insurance or compensation in respect of loss or destruction of long-term asset formerly used in connection with oil field
- Assets acquired jointly by participators in different oil fields
- SCHEDULE 5 Allowance of Expenditure (other than Abortive Exploration Expenditure)
- Claim periods and claims
- Appeals
- SCHEDULE 6 Allowance of Expenditure (other than Abortive Exploration Expenditure) on Claim by Participator
- SCHEDULE 7 Allowance of Abortive Exploration Expenditure
- SCHEDULE 8 Allowance of Unrelievable Field Loss
- Reference and determination of question of abandonment of oil field
- Claims by participators for allowance of unrelievable field losses
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