Schedule 3 Petroleum Revenue Tax: Miscellaneous Provisions

United Kingdom

1. Definition of sale of oil at arm’s length
2. Determination of market value: the notional delivery day for a quantity of oil
3. Definition of market value of oil
4. Aggregate market value of oil for purposes of section 2(5)
5. Definition of market value of light gases
6. Oil delivered in place of royalties to be disregarded for certain purposes
7. Effect of transfer to an associated company of participator’s rights etc. in connection with an oil field or relevant licence
8. Oil owned by a person other than a participator in the oil field from which it was won
9. Effect of certain transactions between participators
10. Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing . . .
11. Certain subsidised expenditure to be disregarded
12. Election to have amounts mentioned in section 2(9)(b) and (c) spread
13. Restriction of amount of reduction under section 8(1)
14. Transfers of interests in oil fields: post-transfer decommissioning expenditure
15. Power to make regulations under this Schedule