OpenLegislation

Part I PETROLEUM REVENUE TAXC1C2C3

United Kingdom

  1. 1Petroleum revenue tax.
  2. 2Assessable profits and allowable losses.
  3. 3Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure).
  4. 4Allowance of expenditure on long-term assets.
  5. 5Allowance of abortive exploration expenditure.
  6. 5AAllowance of exploration and appraisal expenditure.
  7. 5BAllowance of research expenditure.
  8. 6Allowance of unrelievable loss from abandoned field.
  9. 7Relief for allowable losses.
  10. 8Oil allowance.
  11. 9Limit on amount of tax payable.
  12. 9AOperating expenditure incurred while section 9 applies.
  13. 10Modification of Part I in connection with certain gas sold to British Gas Corporation.
  14. 11Application of Provisional Collection of Taxes Act 1968.
  15. 12Interpretation of Part I.
  16. 12ADate of delivery or appropriation: shipped oil not sold at arm's length

Annotations

Modifications

C1

Pt. I construed as one with the following enactments: Finance Act 1986 (c. 41), s. 109 (see s 109(6)); Advance Petroleum Revenue Tax Act 1986 (c. 68, SIF 63:1) (see s. 2(2)); Finance (No. 2) Act 1992 (c. 48), s. 74 (by s. 74(6)); Finance Act 1993, Pt. III (other than s. 194) (see s. 195(3)); Finance Act 1994 (c. 9), Pt. V (see s. 257(2)); Finance Act 1999 (c. 16), ss. 95-98 (see ss. 97(7), 98(7)); Finance Act 2001 (c. 9), Sch. 32 (see s. 101(4)(5), Sch. 32 para. 11)

C2

Pt I applied (6.3.1992 with effect as mentioned in s. 289(1)(2) of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 199(7)(c), 276(5), 289 (with ss. 60, 101(1), 171, 201(3)).

C3

Pts. I III modified by Oil Taxation Act 1983 (c. 56), s. 6A (as inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 285(3))