# Oil Taxation Act 1975, Paragraph 7

Extent: E+W+S+N.I.

In computing the assessable profit or allowable loss accruing to a participator in a chargeable period from an oil field, the market value of any oil won as mentioned in section 3(1)(f) of this Act—
(a) shall not be taken into account under section 2(4)(b) of this Act if and to the extent that at the end of the preceding chargeable period the oil was in the course of being transported to the place where it was first landed in the United Kingdom or to the place referred to in section 3(1)(f)(ii) of this Act; and
(b) shall not be taken into account under section 2(5)(d) of this Act if and to the extent that at the end of the first-mentioned chargeable period the oil was in the course of being so transported.

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Source: https://www.legislation.gov.uk/ukpga/1975/22/schedule/3/paragraph/7 (the official version)
Page: https://openlegislation.uk/oil-taxation-act-1975/schedule-3/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.