# Finance Act 1994, Section 235: Valuation of oil.

Extent: E+W+S+N.I.

(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—
(a) for the words “oil consisting of gas” there shall be substituted “ oil ”;
(b) for the word “gas”, in each place where it subsequently occurs, there shall be substituted “ oil ”;
(c) for the words “for delivery at a place” there shall be substituted “ or another country for delivery at another place in or ”; and
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In Schedule 10 to the Finance Act 1987 (nomination scheme for disposals and appropriations of oil), in paragraph 4 (timing of nominations)—
(a) in sub-paragraph (1) for the words “sub-paragraph (2)” there shall be substituted “ sub-paragraphs (2) and (2A) ”; and
(b) after sub-paragraph (2) there shall be inserted—
“(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.”
(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—
“(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.”

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Source: https://www.legislation.gov.uk/ukpga/1994/9/section/235 (the official version)
Page: https://openlegislation.uk/finance-act-1994/section-235
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.