{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-225H",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-225H.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/225H",
  "kind": "section",
  "number": "225H",
  "heading": "Valuation where excess of nominated proceeds",
  "text": "(1) This section applies if an excess of nominated proceeds for a chargeable period—\n(a) is taken into account in calculating a person's profits under section 2(5)(e) of OTA 1975, or\n(b) would have been so taken into account if the person were chargeable to tax under OTA 1975 in respect of an oil field.\n(2) For income tax purposes, the amount of the excess is to be added to the consideration which the person is treated as having received in respect of oil disposed of by that person in the period.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 2 Ch. 16A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 1 para. 2 (with Sch. 9 paras. 1-9, 22)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/225H",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}