{
  "url": "https://openlegislation.uk/finance-act-1994/section-235",
  "json_url": "https://openlegislation.uk/finance-act-1994/section-235.json",
  "legislation": "ukpga/1994/9",
  "legislation_title": "Finance Act 1994",
  "legislation_url": "https://openlegislation.uk/finance-act-1994",
  "path": "section/235",
  "kind": "section",
  "number": "235",
  "heading": "Valuation of oil.",
  "text": "(1) With respect to chargeable periods ending after 31st December 1993, subsection (5A) of section 2 of the Oil Taxation Act 1975 (special rules for valuation of oil consisting of gas which is disposed of in a sale at arm’s length on terms including transportation costs etc.) shall be amended as follows—\n(a) for the words “oil consisting of gas” there shall be substituted “ oil ”;\n(b) for the word “gas”, in each place where it subsequently occurs, there shall be substituted “ oil ”;\n(c) for the words “for delivery at a place” there shall be substituted “ or another country for delivery at another place in or ”; and\n(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) In Schedule 10 to the Finance Act 1987 (nomination scheme for disposals and appropriations of oil), in paragraph 4 (timing of nominations)—\n(a) in sub-paragraph (1) for the words “sub-paragraph (2)” there shall be substituted “ sub-paragraphs (2) and (2A) ”; and\n(b) after sub-paragraph (2) there shall be inserted—\n“(2A) Where the proposed transaction has a transaction base date later than 31st December 1993, sub-paragraph (1) above has effect with the substitution for the reference to the second business day of a reference to the first business day.”\n(4) In paragraph 11 of that Schedule (a participator’s aggregate nominated proceeds for a month), in sub-paragraph (2) for the words “sub-paragraph (2A)” there shall be substituted “ sub-paragraphs (2A) and (2B) ” and after sub-paragraph (2A) there shall be inserted the following sub-paragraph—\n“(2B) In the case of a nominated transaction which is a disposal to which subsection (5A) of section 2 of the principal Act applies, for the amount which, apart from this sub-paragraph, would be the nominated price for the purposes of sub-paragraph (2) above there shall be substituted the amount which, under that subsection, is deemed to be the price received or receivable for the oil in question.”",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 235(1)(d) repealed (19.7.2006) (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 235(2) repealed (19.7.2006) (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1975 c. 22."
    },
    {
      "type": "M",
      "label": "M2",
      "text": "1987 c. 16."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1994/9/section/235",
    "retrieved_at": "2026-10-29T09:34:21.412655+00:00",
    "licence": "OGL-UK-3.0",
    "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."
  }
}