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Oil Taxation Act 1983

1983 c. 56 · Enacted 1 December 1983 · Extends to United Kingdom

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An Act to vary the reliefs available for certain expenditure incurred in connection with assets used or to be used in connection with oil fields; to bring into charge to petroleum revenue tax certain sums received or receivable in respect of such assets and of certain other assets situated in the United Kingdom, the territorial sea thereof or a designated area, within the meaning of the Continental Shelf Act 1964; to amend Part II of the Oil Taxation Act 1975 in relation to sums so received or receivable; and for connected purposes.

[1st December 1983]

C1I1X1Most Gracious Sovereign,WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to make the provision hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Annotations to the whole text

Modifications

C1

Act restricted (27.7.1993) by 1993 c. 34, s. 185(3)

Act restricted (27.7.1993) by 1993 c. 34, s. 185(4)(d)(e)

Act modified (27.7.1993) by 1993 c. 34, s. 191(1)(2)

Commencement

I1

Act wholly in force at Royal Assent

Editorial notes

X1

General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

Contents

  1. Reliefs for expenditure
  2. 1Expenditure incurred on non-dedicated mobile assets.
  3. 2Dedicated mobile assets.
  4. 3Expenditure incurred on long-term assets other than non-dedicated mobile assets.
  5. 3AExclusion from section 3(4) of expenditure on assets giving rise to tax-exempt tariffing receipts
  6. 4Expenditure related to exempt gas and deballasting.
  7. 5Miscellaneous amendments relating to reliefs.
  8. Charge of receipts
  9. 6Chargeable tariff receipts.
  10. 6ATax-exempt tariffing receipts
  11. 6BThe condition for being a qualifying existing field
  12. 7Chargeable receipts from disposals.
  13. 7AReduction of disposal receipts: use giving rise to tax-exempt tariffing receipts
  14. 8Qualifying assets.
  15. 9Tariff receipts allowance.
  16. 10Returns relating to tariff and disposal receipts.
  17. 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 12Charge of receipts attributable to U.K. use of foreign field asset.
  19. Supplementary
  20. 13Transitional provisions. Repealed
  21. 14Re-opening of decisions for periods before the passing of this Act. Repealed
  22. 15Short title, interpretation, construction and repeals.
  23. Schedule 1: Allowable Expenditure
  24. Part I: Extensions of Allowable Expenditure for Assets Generating Receipts
  25. Associated assets
  26. 1Paragraph 1
  27. Restriction of relief for remote associated assets
  28. 2Paragraph 2
  29. Assets no longer in use for the principal field
  30. 3Paragraph 3
  31. Part II: Special Rules as to Expenditure Allowable in Respect of Fixed Assets and Dedicated Mobile Assets
  32. Interpretation
  33. 4Paragraph 4
  34. Assets acquired etc. for two or more fields
  35. 5Paragraph 5
  36. 6Paragraph 6
  37. Brought-in assets
  38. 7Paragraph 7
  39. Subsequent use of new asset otherwise than in connection with a taxable field
  40. 8Paragraph 8
  41. Mobile assets becoming dedicated assets
  42. 9Paragraph 9
  43. Schedule 2: Supplemental Provisions as to Receipts from Qualifying Assets
  44. Interpretation
  45. 1Paragraph 1
  46. Consideration received by connected persons under avoidance schemes
  47. 2Paragraph 2
  48. Apportionment of consideration in respect of use or disposal
  49. 3Paragraph 3
  50. Cases where all the oil is disregarded under section 10 of the principal Act
  51. 4Paragraph 4
  52. Acquisition otherwise than at arm’s length: limit on tariff and disposal receipts
  53. 5Paragraph 5
  54. Transfer of interests in fields
  55. 6Paragraph 6
  56. Insurance and compensation payments
  57. 7Paragraph 7
  58. Dedicated mobile assets ceasing to be used in connection with participator’s oil field
  59. 8Paragraph 8
  60. Disposal receipts in respect of brought-in assets
  61. 9Paragraph 9
  62. Disposal receipts: assets used for deballasting
  63. 10Paragraph 10
  64. Use by connected or associated person: avoidance devices
  65. 11Paragraph 11
  66. Purchase at place of extraction
  67. 12Paragraph 12
  68. Schedule 3: Tariff Receipts Allowance
  69. The participator’s share
  70. 1Paragraph 1
  71. 2Paragraph 2
  72. 3Paragraph 3 Repealed
  73. Qualifying tariff receipts referable to different periods
  74. 4Paragraph 4
  75. 5Paragraph 5
  76. 6Paragraph 6
  77. Schedule 4: Receipts Attributable to United Kingdom Use of Foreign Field Assets
  78. Interpretation
  79. 1Paragraph 1
  80. Chargeable receipts
  81. 2Paragraph 2
  82. 3Paragraph 3
  83. 4Paragraph 4
  84. 5Paragraph 5
  85. 6Paragraph 6
  86. The charge to tax
  87. 7Paragraph 7
  88. 8Paragraph 8
  89. 9Paragraph 9
  90. Expenditure relief
  91. 10Paragraph 10
  92. 11Paragraph 11
  93. Claims for expenditure relief
  94. 12Paragraph 12
  95. The responsible person
  96. 13Paragraph 13
  97. Management and collection
  98. 14Paragraph 14
  99. Payment on account
  100. 15Paragraph 15
  101. Income and corporation taxes
  102. 16Paragraph 16
  103. Schedule 5: Transitional Provisions
  104. Interpretation Repealed
  105. 1Paragraph 1 Repealed
  106. Review for transitional claim period Repealed
  107. 2Paragraph 2 Repealed
  108. No further reviews after the transitional claim period Repealed
  109. 3Paragraph 3 Repealed
  110. Assets giving rise to tariff receipts Repealed
  111. 4Paragraph 4 Repealed
  112. Re-opening past claim periods and chargeable periods Repealed
  113. 5Paragraph 5 Repealed
  114. Expenditure on associated assets Repealed
  115. 6Paragraph 6 Repealed
  116. Other claims for past expenditure Repealed
  117. 7Paragraph 7 Repealed
  118. Schedule 6Repeals