Search Legislation

Advanced Search

Oil Taxation Act 1975

Help about what version

What Version

Help about advanced features

Advanced Features

Changes to legislation:

There are currently no known outstanding effects for the Oil Taxation Act 1975, Section 1. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

1 Petroleum revenue tax.U.K.

(1)A tax, to be known as petroleum revenue tax, shall be charged in accordance with this Part of this Act in respect of profits from oil won under the authority of a licence granted under either [F1Part I of the Petroleum Act 1998] or the M1Petroleum (Production) Act (Northern Ireland) 1964; and in this Part of this Act “oil” means any substance so won or capable of being so won other than methane gas won in the course of operations for making and keeping mines safe.

(2)For each oil field [F2which is a taxable field] the tax shall, in the case of each participator, be charged at the rate of [F3[F40] per cent.] on the assessable profit accruing to him in any chargeable period from that field, as reduced under section 7 of this Act by any allowable losses and under section 8 of this Act by reference to his share, if any, of the oil allowance for that period, subject however to the limit imposed in his case by section 9 of this Act.

(3)In relation to any oil field—

(a)the first chargeable period is the period ending at the end of the critical half year (including an unlimited time prior to the beginning of that half year); and

(b)each subsequent half year is a chargeable period.

(4)In this section—

  • “the critical half year”, in relation to an oil field, means the first half year ending after 12th November 1974 at the end of which the total amount of oil ever won and saved from the field exceeds 1,000 [F5metric tonnes] (counting [F51,100 cubic metres] of gas at a temperature of 15 degrees centigrade and pressure of one atmosphere as equivalent to one [F5metric tonne]);

  • “half year” means a period of six months ending at the end of June or December.

(5)Schedule 1 to this Act shall have effect with respect to the determination of oil fields, and Schedule 2 to this Act shall have effect with respect to the management and collection of the tax; and this Part of this Act shall have effect subject to the further provisions in Schedule 3 to this Act and, in connection with certain gas sold to the British Gas Corporation, to section 10 of this Act.

Textual Amendments

F1Words in s. 1(1) substituted (15.2.1999) by 1998 c. 17, s. 50, Sch. 4 para. 7(2) (with Sch. 3 para. 5(1)); S.I. 1999/161, art. 2(1)

F2Words in s. 1(2) inserted (27.7.1993) by 1993 c. 34, s. 185(4)(a)

F3Words substituted by Finance Act 1982 (c. 39), s. 132(1) in relation to chargeable periods ending after 31 December 1982

F4Word in s. 1(2) substituted (with effect in accordance with s. 140(4) of the amending Act) by Finance Act 2016 (c. 24), s. 140(1)

F5Words substituted by Finance (No. 2) Act 1979 (c. 47), s. 21(2) in relation to chargeable periods and half years ending after 31 December 1978

Modifications etc. (not altering text)

C1See Oil Taxation Act 1983 (c. 56), s. 12(5) in relation to the charge of receipts attributable to the U.K. use of foreign fields assets received or receivable after 30 June 1982 and Sch. 1 para. 1(4) in relation to expenditure on associated assets used in connection with an external field

C3Definition applied for purposes of Income and Corporation Taxes Act 1988 (c. 1), s. 500(5) Deduction of PRT in computing income for corporation tax purposes

Marginal Citations

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources