# Oil Taxation Act 1983, Paragraph 2


A participator in a foreign field is chargeable to tax in accordance with this Schedule in respect of considerations falling within subsection (1) of the principal section if, and only if—
(a) the field asset which gives rise to that consideration is, in accordance with paragraph 3 below, a chargeable asset in relation to him; and
(b) the consideration constitutes, in accordance with paragraph 4 below, a receipt for which he is accountable;
and, where the conditions in paragraphs (a) and (b) above are fulfilled, the consideration is in this Schedule referred to as a chargeable receipt of the participator.

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Source: https://www.legislation.gov.uk/ukpga/1983/56/schedule/4/paragraph/2 (the official version)
Page: https://openlegislation.uk/oil-taxation-act-1983/schedule-4/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.