Schedule 32 PETROLEUM REVENUE TAX: UNRELIEVABLE FIELD LOSSES

1. 1Schedule applies where there has been a transfer to which Parts 2 and 3 of Schedule 17 to the Finance Act 1980 do not apply
2. 2Meaning of “excluded transfer”
3. 3Meaning of “subsequent new owner”
4. 4Transfers of interests in oil fields: interpretation
5. 5Schedule applies in place of section 6(1C) of the Oil Taxation Act 1975
6. 6General rule for determinations under this Schedule of “unrelievable portion” of loss
7. 7Loss to be relieved against other participators’ profits
8. 8Extent to which losses to be relieved
9. 9Profits not to be utilised more than once
10. 10Relieving different losses against the same profits
11. 11Construction as one with Part 1 of the Oil Taxation Act 1975