# Finance Act 2016, Section 140: Petroleum revenue tax: rate


(1) In section 1(2) of OTA 1975 (rate of petroleum revenue tax) for “35” substitute “ 0 ”.
(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.
(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—
“(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.”
(4) The amendment made by subsection (1) has effect with respect to chargeable periods ending after 31 December 2015.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/section/140 (the official version)
Page: https://openlegislation.uk/finance-act-2016/section-140
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.