Oil Taxation Act 1975

5(1)The responsible person for [F1a taxable field]shall, for each chargeable period, prepare and, within one month after the end of the period [F2or within such longer period as the Board may allow], deliver to the Board a return for that period complying with sub-paragraphs (2) and (3) below; but nothing in this sub-paragraph shall require the responsible person to deliver a return under this paragraph before 31st July 1975.U.K.

(2)A return under this paragraph for a chargeable period shall—

(a)state the quantity of oil won and saved from [F1the taxable field] during the period;

(b)state the respective interests of the participators in the field in that oil;

(c)state what, in accordance with those interests, is each participator’s share of that oil; and

(d)contain such other particulars of or relating to the field as the Board may require.

[F3(2A)The reference in sub-paragraph (2)(d) above to particulars of or relating to the field includes a reference to particulars required for determining the amount by which any qualifying tariff receipts, within the meaning of section 9 of the Oil Taxation Act 1983, are to be treated as reduced by virtue of that section.]

[F4(2B)If in any chargeable period oil won from [F1the taxable field] is mixed as mentioned in section 63 of the Finance Act 1987 so as to give rise to blended oil, within the meaning of that section, then, as respects that chargeable period, for paragraph (a) of sub-paragraph (2) above there shall be substituted the following paragraph—

“(a)state the total of the shares of the participators in [F1the taxable field] of the oil won from the field during the period less so much of the oil won from the field as is not saved”.]

(3)A return under this paragraph shall be in such form as the Board may prescribe and shall include a declaration that the return is correct and complete.

[F5(4)The power of the Board to allow an extension of time under sub-paragraph (1) above shall include power—

(a)to allow an extension for an indefinite period; and

(b)to provide for the period of any extension to end at such time as may be stipulated in a notice given by the Board.]