Regulation 8 Payment on account

For the purposes of determining under the Schedule to the Petroleum Revenue Tax Act 1980 and paragraph 10 of Schedule 16 to the Finance Act 1981 (computation of payment on account) the tax and duty payable for any chargeable period in respect of an oil field, it shall be assumed that the consent of the Board to the making of an election in respect of a gas banking scheme, for which application has been made under paragraph (2) of Regulation 5 above at the time when the statements under section 1(1)(a) of the said Act of 1980 and paragraph 10(1)(a) of Schedule 16 to the said Act of 1981 are to be delivered, will be forthcoming and that such election will be made.