Explanatory note

These Regulations amend the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987 (“the principal Regulations ”). The Regulations have effect in relation to nominations under the scheme established by section 61 of the Finance Act 1987, in respect of transactions for which the transaction base date prescribed by regulation 7 of the principal Regulations falls in a chargeable period beginning after 30th June 2000.

Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.

Regulation 3 amends regulation 2A of the principal Regulations so that, where a participator gives notice to the Board of Inland Revenue of his re-admission to the nomination scheme, the scheme will not apply to oil which forms part of his share of the oil won from the field for the chargeable period after the one in which he gives the notice, under the same conditions as currently apply for exclusion of oil won in the chargeable period in which notice was given.

Regulation 4 amends regulation 3 of the principal Regulations so as to permit nominations under the scheme to be sent by electronic communications in accordance with any requirements imposed by means of a specific or general direction of the Board of Inland Revenue.