{
  "url": "https://openlegislation.uk/oil-taxation-act-1983/schedule-4/paragraph-3",
  "json_url": "https://openlegislation.uk/oil-taxation-act-1983/schedule-4/paragraph-3.json",
  "legislation": "ukpga/1983/56",
  "legislation_title": "Oil Taxation Act 1983",
  "legislation_url": "https://openlegislation.uk/oil-taxation-act-1983",
  "path": "schedule/4/paragraph/3",
  "kind": "paragraph",
  "number": "3",
  "heading": null,
  "text": "(1) Subject to sub-paragraph (2) below, a field asset is a chargeable asset in relation to a participator in a foreign field if, on the relevant assumptions, expenditure incurred by the participator in respect of the asset would be or would have been allowable for that foreign field—\n(a) under section 3 of this Act or section 4 of the principal Act, or\n(b) in the case of an asset the useful life of which was, at the time the expenditure was incurred, expected to exceed six months, under section 3 of the principal Act.\n(2) An asset which is a field asset by virtue of subsection (6) of the principal section is a chargeable asset in relation to that participator in that foreign field in relation to whom and to which the asset referred to in paragraph (c) of that subsection is a chargeable asset.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1983/56/schedule/4/paragraph/3",
    "retrieved_at": "2026-10-29T10:04:54.552603+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}