{
  "url": "https://openlegislation.uk/oil-taxation-act-1975/schedule-2/paragraph-16",
  "json_url": "https://openlegislation.uk/oil-taxation-act-1975/schedule-2/paragraph-16.json",
  "legislation": "ukpga/1975/22",
  "legislation_title": "Oil Taxation Act 1975",
  "legislation_url": "https://openlegislation.uk/oil-taxation-act-1975",
  "path": "schedule/2/paragraph/16",
  "kind": "paragraph",
  "number": "16",
  "heading": null,
  "text": "Subject to paragraph 17 below where any amount of tax charged by an assessment to tax or paid on account of tax so charged becomes repayable under any provision of this Part of this Act that amount shall carry interest at the rate applicable under section 178 of the Finance Act 1989from—\n(a) two months after the end of the chargeable period for which the assessment was made; or\n(b) the date on which it was paid,\nwhichever is the later, until the order for repayment is issued.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words inserted by Finance Act 1990 (c. 29, SIF 63:1), s. 121(2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words inserted by Petroleum Revenue Tax Act 1980 (c. 1, SIF 63:1), s. 2 in relation to tax charged for any period ending on or after 31 December 1979"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words substituted by Finance Act 1989 (c. 26), s. 179(1)(4) and S.I. 1989 No. 1298 (C. 44) for periods beginning on or after 18 August 1989"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words substituted by Petroleum Revenue Tax Act 1980 (c. 1, SIF 63:1), s. 2 in relation to tax charged for any period ending on or after 31 December 1979"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words substituted by Finance Act 1989 (c. 26), s. 180(2)(a) and (7) which amendment is deemed always to have had effect"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Rates applicable: 12 per cent. for periods after 31 December 1979 by S.I. 1979 No. 1687; 8 per cent. after 30 November 1982 by S.I. 1982 No. 1587; 11 per cent. after 30 April 1985 by S.I. 1985 No. 563; 8.5 per cent. after 5 August 1986 by S.I. 1986 No. 1181; 9.5 per cent. after 5 November 1986 by S.I. 1986 No. 1832; 9 per cent. after 5 April 1987 by S.I. 1987 No. 513; 8.25 per cent. after 5 June 1987 by S.I. 1987 No. 898; 9 per cent. after 5 September 1987 by S.I. 1987 No. 1492; and 8.25 per cent. after 5 December 1987 by S.I. 1987 No. 1988 (for later orders see Part III). See also S.I. 1989 No. 1297 for regulations made and interest rates set under Finance Act 1989 (c. 26), s. 178"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "By Petroleum Revenue Tax Act 1980 (c. 1, SIF 63:1), s. 2(3) any alteration in the rate mentioned in Sch. 2 para. 15(1) to apply also to Sch. 2 para. 16"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "See Finance Act 1982 (c. 39), s. 139(6) and Sch. 19 para. 13(5) in respect of repayments due in respect of the chargeable period ending on 30 June 1983"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1975/22/schedule/2/paragraph/16",
    "retrieved_at": "2026-10-29T10:39:15.522827+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."
}