Paragraph 8

(1)

In Schedule 3 (petroleum revenue tax: miscellaneous provisions) paragraph 2A (market value of oil that consists of or includes gas) is amended as follows.

(2)

In sub-paragraph (1)—

(a)

for “(2D)” substitute “ (2I) ”;

(b)

omit “, or in accordance with those sub-paragraphs as modified by sub-paragraph (3) of that paragraph,”.

(3)

In sub-paragraph (2)—

(a)

for the words from the beginning to “paragraph 2 above” where first occurring substitute “ Sub-paragraph (2)(d) or (as the case may be) (2AA)(d) of paragraph 2 above ”;

(b)

after “in sub-paragraph (2)” insert “ or (2AA) ”.

(4)

In sub-paragraph (3)—

(a)

after “in sub-paragraph (2)” insert “ or (2AA) ”,

(b)

for “(2D)” substitute “ (2I) ”;

(c)

omit “(with sub-paragraphs (2)(f) of paragraph 2 applying accordingly)”.