# Oil Taxation Act 1983, Paragraph 7


Any payment by way of insurance or compensation in respect of the loss or destruction of an asset which, in relation to a participator in an oil field, is a qualifying asset, shall be brought into account for the purposes of section 7 of this Act and this Schedule as consideration in respect of a disposal of the asset taking place at the time the payment is received or receivable.

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Source: https://www.legislation.gov.uk/ukpga/1983/56/schedule/2/paragraph/7 (the official version)
Page: https://openlegislation.uk/oil-taxation-act-1983/schedule-2/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.