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Oil Taxation Act 1975

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. PART I Petroleum Revenue Tax

    1. 1.Petroleum revenue tax

    2. 2.Assessable profits and allowable losses

    3. 3.Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure)

    4. 4.Allowance of expenditure on long-term assets

    5. 5.Allowance of abortive exploration expenditure

    6. 6.Allowance of unrelievable loss from abandoned field

    7. 7.Relief for allowable losses

    8. 8.Oil allowance

    9. 9.Annual limit on amount of tax payable by participator

    10. 10.Modification of Part I in connection with certain gas sold to British Gas Corporation

    11. 11.Application of Provisional Collection of Taxes Act 1968

    12. 12.Interpretation of Part I

  3. PART II Provisions Relating to the Extraction of Petroleum in the United Kingdom or a Designated Area

    1. 13.Treatment of oil extraction activities etc. for purposes of income tax and corporation tax

    2. 14.Valuation of oil disposed of or appropriated in certain circumstances

    3. 15.Oil extraction activities etc.: charges on income

    4. 16.Oil extraction activities etc.: restriction on setting advance corporation tax against income therefrom

    5. 17.Corporation tax: deduction of petroleum revenue tax in computing income

    6. 18.Interest on tax overpaid to be disregarded in computing income

    7. 19.Interpretation of Part II

  4. PART III Miscellaneous and General

    1. 20.Modification of certain provisions in relation to petroleum companies

    2. 21.Citation, interpretation and construction

  5. SCHEDULES

    1. SCHEDULE 1

      Determination of Oil Fields

      1. 1.(1) For the purposes of this Part of this Act...

      2. 2.Before determining an area to be an oil field the...

      3. 3.A determination under this Schedule shall be in such form...

      4. 4.The appropriate authority shall give notice of any determination made...

      5. 5.A determination under this Schedule may from time to time...

    2. SCHEDULE 2

      Management and Collection of Petroleum Revenue Tax

      1. Management of tax

        1. 1.(1) The tax shall be under the care and management...

      2. Returns by participators

        1. 2.(1) Every participator in an oil field shall, for each...

        2. 3.(1) If a participator fails to deliver a return within...

      3. Appointment of responsible person for each oil field

        1. 4.(1) For each oil field a body corporate or partnership...

      4. Returns by the responsible person

        1. 5.(1) The responsible person for an oil field shall, for...

        2. 6.(1) If the responsible person fails to deliver a return...

      5. Production of accounts, books and other information

        1. 7.(1) Where a participator in or the responsible person for...

      6. Incorrect returns, accounts, etc.

        1. 8.(1) Where a participator in an oil field fraudulently or...

        2. 9.(1) Where any such return, statement, declaration or accounts as...

      7. Assessments to tax and determinations of loss, etc.

        1. 10.(1) Where it appears to the Board that, in accordance...

        2. 11.(1) Where a participator has under paragraph 2 above delivered...

        3. 12.(1) Where it appears to the Board—

      8. Payment of tax

        1. 13.Subject to paragraph 14 below, the tax charged in an...

      9. Appeals

        1. 14.(1) A participator may appeal to the Special Commissioners against...

      10. Interest on tax

        1. 15.(1) Subject to sub-paragraph (2) below, tax charged in an...

        2. 16.Where any amount of tax charged by an assessment to...

    3. SCHEDULE 3

      Petroleum Revenue tax : Miscellaneous Provisions

      1. Definition of sale of oil at arm's length

        1. 1.(1) For the purposes of this Part of this Act...

      2. Definition of market value of oil

        1. 2.(1) For the purposes of this Part of this Act...

      3. Aggregate market value of oil for purposes of section 2(5)

        1. 3.(1) For the purposes of subsection (5) of section 2...

      4. Oil delivered in place of royalties to be disregarded for certain purposes

        1. 4.Oil delivered to the Secretary of State under the terms...

      5. Effect of transfer to an associated company of participator's rights etc. in connection with an oil field or relevant licence

        1. 5.(1) This paragraph applies to any agreement or other arrangement...

      6. Oil owned by a person other than a participator in the oil field from which it was won

        1. 6.(1) Where a proportion of a participator's share in the...

      7. Exclusion from section 2(4)(b) and (5)(d) of offshore oil in transit to place of first landing in United Kingdom

        1. 7.In computing the assessable profit or allowable loss accruing to...

      8. Certain subsidised expenditure to be disregarded

        1. 8.(1) Expenditure shall not be regarded for any of the...

      9. Election to have amounts mentioned in section 2(9)(b) and (c) spread

        1. 9.(1) If a participator in an oil field so elects...

        2. 10.(1) Where a participator has made an election under paragraph...

      10. Restriction of amount of reduction under section 8(1)

        1. 11.Where— (a) a claim under Schedule 5 or 6 to...

    4. SCHEDULE 4

      Provisions Supplementary to Sections 3 and 4

      1. Restrictions on expenditure allowable under section 3 or 4

        1. 1.(1) Expenditure incurred by any person m the acquisition of...

        2. 2.(1) Where a person has incurred expenditure in the acquisition...

        3. 3.(1) This paragraph applies in the case of any oil...

      2. Disposal of long-term asset formerly used in connection with an oil field

        1. 4.(1) Where an asset is used in connection with an...

      3. Long-term assets used in connection with more than one oil field

        1. 5.(1) Where in any claim period a long-term asset is...

      4. Provisions supplementary to section 4(9) of this Act and paragraph 5(2) above

        1. 6.(1) Where in the case of an oil field, the...

      5. Insurance or compensation in respect of loss or destruction of long-term asset formerly used in connection with oil field

        1. 7.(1) Where, in consequence of the loss or destruction at...

      6. Assets acquired jointly by participators in different oil fields

        1. 8.Where an asset was acquired jointly by persons who are...

    5. SCHEDULE 5

      Allowance of Expenditure (other than Abortive Exploration Expenditure)

      1. Claim periods and claims

        1. 1.(1) In relation to any oil field—

        2. 2.(1) A claim under this Schedule for the allowance of...

        3. 3.(1) The Board shall by notice in writing to the...

        4. 4.If, in a case where sub-paragraph (5) of paragraph 2...

      2. Appeals

        1. 5.(1) If— (a) the amount or total of the amounts...

        2. 6.(1) Where the responsible person gives notice of appeal against...

        3. 7.(1) Where on an appeal under paragraph 5 above the...

        4. 8.(1) Where— (a) a case for the opinion of the...

    6. SCHEDULE 6

      Allowance of Expenditure (other than Abortive Exploration Expenditure) on Claim by Participator

      1. 1.(1) A claim for the allowance of any expenditure allowable...

      2. 2.The provisions of Schedule 5 to this Act specified in...

    7. SCHEDULE 7

      Allowance of Abortive Exploration Expenditure

      1. 1.(1) A claim for the allowance, in connection with an...

    8. SCHEDULE 8

      Allowance of Unrelievable Field Loss

      1. Reference and determination of question of abandonment of oil field

        1. 1.Where it appears to the responsible person for an oil...

        2. 2.(1) The Board shall, by notice in writing given to...

        3. 3.(1) The responsible person may appeal to the Special Commissioners...

      2. Claims by participators for allowance of unrelievable field losses

        1. 4.(1) A claim for the allowance, in connection with an...

    9. SCHEDULE 9

      Extension of Section 485 of Taxes Act in Relation to Petroleum Companies

      1. Definition of petroleum company

        1. 1.For the purposes of this Schedule a company is a...

        2. 2.The activities referred to in paragraph 1 above are—

      2. Petroleum company as resident buyer or resident seller

        1. 3.(1) The application to a transaction of subsection (1) or...

        2. 4.Where both the buyer and the seller are resident in...

      3. Modification of section 485 of Taxes Act in relation to certain sales to or by petroleum companies

        1. 5.Where any property is sold and either the buyer or...

      4. Determination of arm's length price

        1. 6.(1) Where a petroleum company was a party to a...

      5. Supplementary

        1. 7.(1) In this Schedule— " petroleum " includes any mineral...

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