{
  "url": "https://openlegislation.uk/finance-act-2016/section-140",
  "json_url": "https://openlegislation.uk/finance-act-2016/section-140.json",
  "legislation": "ukpga/2016/24",
  "legislation_title": "Finance Act 2016",
  "legislation_url": "https://openlegislation.uk/finance-act-2016",
  "path": "section/140",
  "kind": "section",
  "number": "140",
  "heading": "Petroleum revenue tax: rate",
  "text": "(1) In section 1(2) of OTA 1975 (rate of petroleum revenue tax) for “35” substitute “ 0 ”.\n(2) In paragraph 17 of Schedule 2 to that Act (cap on interest on repayments of tax), in sub-paragraph (5)(b) omit the words from “if that” to the end.\n(3) In paragraph 2 of Schedule 19 to FA 1982 (duty to pay instalments based on amount of tax payable in previous chargeable period), after sub-paragraph (4) insert—\n(4A) In sub-paragraph (1) the reference to any chargeable period for an oil field ending on or after 30th June 1983 does not include a chargeable period ending on 31st December 2015.\n(4) The amendment made by subsection (1) has effect with respect to chargeable periods ending after 31 December 2015.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2016/24/section/140",
    "retrieved_at": "2026-10-28T17:00:50.607796+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."
  }
}