{
  "url": "https://openlegislation.uk/petroleum-revenue-tax-nomination-scheme-for-disposals-and-appropriations-regulations-1987/note",
  "json_url": "https://openlegislation.uk/petroleum-revenue-tax-nomination-scheme-for-disposals-and-appropriations-regulations-1987/note.json",
  "legislation": "uksi/1987/1338",
  "legislation_title": "The Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987",
  "legislation_url": "https://openlegislation.uk/petroleum-revenue-tax-nomination-scheme-for-disposals-and-appropriations-regulations-1987",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations, which have effect from 9th February 1987, supplement and modify for particular cases the provisions of Schedule 10 to the Finance Act 1987 (as amended by Schedule 8 to the Finance (No. 2) Act 1987) (“Schedule 10”) establishing a nomination scheme for certain disposals and appropriations of crude oil. The nomination scheme enables a participator in an oil field to nominate to the Inland Revenue those of his proposed transactions in crude oil from that field in a particular month which he intends should relate to his share of oil from the field (“his equity production”). Where a nominated transaction is in the event fulfilled from the participator’s equity production, his liability for petroleum revenue tax purposes will be based on the price received in such of those transactions as are sales at arm’s length and on market value in other cases.\nRegulation 1 provides for title and commencement.\nRegulation 2 provides for interpretation.\nRegulation 3 prescribes the manner in which a nomination is to be made in order to qualify as a nomination for the purposes of Schedule 10.\nRegulation 4 specifies the description of contracts of sale in relation to which a nomination may have effect under the Regulations as a nomination of a proposed sale for each of a number of months. Such nominations are referred to in the Regulations as “composite nominations”.\nRegulation 5 provides for the making of composite nominations and their effect.\nRegulation 6 prescribes the modifications subject to which Schedule 10 is to have effect in relation to a composite nomination.\nRegulation 7 prescribes that the transaction base date for a proposed sale is to be determined in accordance with the rules set out in regulation 8 and, in the case of a proposed supply or a proposed appropriation, is to be the first day of the month immediately preceding the proposed delivery month.\nRegulation 8 sets out the rules for determining the transaction base date for a proposed sale.\nRegulation 9 prescribes the manner in which the quantity of oil proposed to be delivered or appropriated is to be expressed for the purpose of specifying the nominal volume with respect to a proposed transaction.\nRegulation 10 prescribes the limit of the tolerance which can be taken into account in ascertaining nominal volume.\nRegulation 11 provides for the withdrawal or amendment of a nomination of a proposed sale where a participator has failed to deliver any oil from his equity production in the month in question and specifies the modifications subject to which Schedule 10 is to apply to such an amended nomination.\nRegulation 12 provides for the amendment of a nomination of a proposed sale where a participator has delivered a smaller quantity of oil in the month in question than that specified in his nomination and specifies the modification subject to which Schedule 10 is to apply to such an amended nomination.\nRegulation 13 provides for a nomination of a proposed sale to be treated as amended in other respects following its amendment under the provisions of regulation 11 or 12.\nRegulation 14 provides for the matters that are to be specified in any notice of withdrawal or amendment of a nomination of a proposed sale.\nRegulation 15 provides for the withdrawal of a nomination of a proposed supply or appropriation where a participator has failed to supply or appropriate any oil from his equity production in the month in question.\nRegulation 16 provides for the amendment of a nomination of a proposed supply or appropriation where a participator has supplied or appropriated a smaller quantity of oil than that specified in his nomination and specifies the modification subject to which Schedule 10 is to apply to such an amended nomination.\nRegulation 17 provides for the matters that are to be specified in any notice of withdrawal or amendment of a nomination of a proposed supply or appropriation.\nRegulation 18 provides for the conversion into sterling of a nominated price which is expressed in a currency other than sterling.\nRegulation 19 provides for the making by a person who is a participator in two or more oil fields of a nomination, having effect with respect to all those fields, of a proposed sale, supply or appropriation of oil which is a mixture of oil from those fields or from a number of fields which include those fields (“blended oil”).\nRegulation 20 prescribes the modifications subject to which Schedule 10 is to have effect in relation to a nomination of a proposed transaction in blended oil under regulation 19.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1987/1338/note",
    "retrieved_at": "2026-10-29T16:22:47.530221+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."
}