Explanatory note

These Regulations, which come into force on 28th December 1990, amend the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987 (“the principal Regulations”).

Regulation 1 provides for citation and commencement and regulation 2 contains a definition.

Regulation 3(1) corrects erroneous references in regulation 2 of the principal Regulations to the statutory provision containing the definitions of “blended oil” and “the originating fields”.

Regulation 3(2) inserts a new regulation 2A in the principal Regulations. That new regulation excludes oil which forms part of a participator’s equity production from an oil field for a chargeable period from the nomination scheme established by section 61 of the Finance Act 1987 if the conditions which are set out in paragraphs (2) and (3) of the regulation are satisfied.