(1)Every participator in an oil field shall, at the time when he delivers to the Board the return for a chargeable period required by paragraph 2 of Schedule 2 to the M1Oil Taxation Act 1975—

(a)deliver to the Board a statement showing whether any, and if so what, amount of tax is payable by him in accordance with the Schedule to this Act for that period in respect of the field; and

(b)pay to the Board a sum equal to the amount of tax, if any, shown in the statement [F1less an amount equal to his APRT credit for that chargeable period in respect of that oil field].

(2)The statement under subsection (1)(a) above shall be in such form as the Board may prescribe.

(3)The sum paid under subsection (1)(b) above shall constitute a payment on account of the tax charged in any assessment made on the participator in respect of the assessable profit accruing to him for the chargeable period from the oil field; and if the payment on account exceeds the tax so charged [F1less the amount of the APRT credit deducted in accordance with subsection 1(b) above from the tax shown in the statement] the excess shall be repaid to the participator.

[F2(3A)In subsections (1) and (3) above “APRT credit” has the meaning given by section 139(4) of the Finance Act 1982.

(3B)Paragraphs 3, 8 and 9 of Schedule 2 of the principal Act (penalties for failure to make returns under paragraph 2 of that Schedule) shall apply in relation to statements required to be made under subsection (1)(a) above as they apply in relation to returns required to be made under paragraph 2 of that Schedule.]

(4)In paragraph 13 of Schedule 2 to the said Act of 1975 (time for payment of tax charged in an assessment) after the words “the tax charged in an assessment made on a participator for any chargeable period” there shall be inserted the words “ so far as not paid on account ”.

(5)Where a participator gives notice of appeal under paragraph 14 of the said Schedule 2 against an assessment charging tax in respect of which he has made a payment on account, the amount, if any, to be repaid under subsection (3) above shall be calculated as if the tax charged in the assessment were limited to the tax which he would not be entitled to withhold under sub-paragraph (3) of that paragraph.

(6)Certificates of tax deposit issued by the Treasury under section 12 of the M2National Loans Act 1968 on terms published on or before 14th May 1979 may be used for making payments on account under this section; and for that purpose those terms shall have effect with the necessary modifications and as if the tax in or towards the payment of which a certificate is used were due two months after the end of the chargeable period to which it relates.