{
  "url": "https://openlegislation.uk/advance-petroleum-revenue-tax-act-1986/schedule/paragraph-3",
  "json_url": "https://openlegislation.uk/advance-petroleum-revenue-tax-act-1986/schedule/paragraph-3.json",
  "legislation": "ukpga/1986/68",
  "legislation_title": "Advance Petroleum Revenue Tax Act 1986",
  "legislation_url": "https://openlegislation.uk/advance-petroleum-revenue-tax-act-1986",
  "path": "schedule/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) If, before the material date, no notice of assessment or determination under paragraph 10 of Schedule 2 to the principal Act has been given to a participator with respect to any of the chargeable periods ending before 1st July 1986, the question whether one of those periods is his net profit period for the purposes of this Act shall be determined, subject to sub-paragraphs (2) and (3) below, on the assumption that, before making any modifications under subsections (3) to (5) of section 111, the amount of the assessable profit or allowable loss which accrued to the participator in each of the chargeable periods ending before 1st July 1986 was as set out in the statement delivered in respect of that period.\n(2) If the expenditure treated as allowed in determining the assessable profit or allowable loss set out in the statement delivered in respect of any of the chargeable periods referred to in sub-paragraph (1) above is less than could have been treated as so allowed by virtue of paragraph 2(4) of the Schedule to the Petroleum Revenue Tax Act 1980, the assessable profit or allowable loss set out in that statement shall be taken for the purposes of sub-paragraph (1) above to be what it would have been if account had been taken of all the expenditure which could have been treated as so allowed.\n(3) In any case where—\n(a) by virtue of sub-paragraph (2) above, any amount of expenditure is treated as allowed in determining the assessable profit or allowable loss which is taken to be set out in the statement for any chargeable period, and\n(b) the whole or any part of that amount is in fact treated as allowed in determining the assessable profit or allowable loss set out in the statement delivered in respect of any subsequent period,\nthe assessable profit or allowable loss of that subsequent period as set out in the statement delivered in respect of that period shall be taken for the purposes of sub-paragraph (1) above to be adjusted so as to prevent any amount of expenditure being taken into account more than once.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/68/schedule/paragraph/3",
    "retrieved_at": "2026-10-29T09:53:49.913068+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}