Search Legislation

Finance (No. 2) Act 1992

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: SCHEDULE 15

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Finance (No. 2) Act 1992, SCHEDULE 15. 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.

Section 74.

SCHEDULE 15U.K. Amendments relating to oil exported directly from off-shore fields

M1THE OIL TAXATION ACT 1975U.K.

Marginal Citations

1U.K.In section 2 (assessable profits and allowable losses), in subsection (5A) (gas exported from a place on land in the United Kingdom) for the words from “required", in the second place where it occurs, to the end of the subsection there shall be substituted did not require the seller to meet any such costs as are mentioned above but did require the gas to be delivered—

(i)in the case of gas extracted in the United Kingdom, at the place of extraction; or

(ii)in the case of gas extracted from strata in the sea bed and subsoil of the territorial sea of the United Kingdom or of a designated area, at the place in the United Kingdom at which the seller could reasonably be expected to deliver it or, if there is more than one such place, the one nearest to the place of extraction.

2(1)In section 3 (allowance of expenditure), in subsection (1), in paragraph (f) (transportation costs)—U.K.

(a)after the words “transporting it" there shall be inserted “ (i) ”; and

(b)for the words “or to the place in the United Kingdom" there shall be substituted or

(ii)to the place in the United Kingdom or, in the case of oil first landed in another country, to the place in that or any other country (other than the United Kingdom).

(2)In subsection (4) of that section, in paragraph (c) (allowable expenditure does not include cost of acquiring buildings or structures, subject to exceptions)—

(a)in sub-paragraph (i) the words “of either the territorial sea of the United Kingdom or a designated area" shall be omitted; and

(b)in sub-paragraph (iv) for the words “in the United Kingdom to the place in the United Kingdom" there shall be substituted “ to the place in the United Kingdom or, in the case of oil first landed in another country, to the place in that or any other country (other than the United Kingdom) ”.

(3)In subsection (5) of that section (expenditure qualifying for supplement), in each of paragraphs (a) and (c) after the words “United Kingdom" there shall be inserted the words “ or another country ”.

(4)At the end of subsection (6) of that section (apportionment of expenditure) there shall be added the words and where, in the case of oil won as mentioned in paragraph (f) of subsection (1) above, expenditure is incurred in transporting—

(a)oil first landed in the United Kingdom to a place in the United Kingdom which is not the nearest place referred to in sub-paragraph (ii) of that paragraph, or

(b)oil first landed in another country to a place in that or any other country (other than the United Kingdom) which is not the nearest place so referred to,

so much of that expenditure as does not exceed what would have been the expenditure incurred in transporting it to that nearest place shall be regarded as falling within the said paragraph (f).

3U.K.In section 12(1) (definitions),—

(a)in the definitions of “initial storage" and “initial treatment" the words “in the United Kingdom, the territorial sea thereof or a designated area" shall be omitted;

(b)in the definition of “initial storage" after the words “United Kingdom", in the second place where they occur, there shall be inserted “ or another country ”;

(c)in the definition of “land", after the words “United Kingdom" there shall be inserted “ or another country ”; and

(d)in the definition of “production purposes" after the words “United Kingdom", in the last place where they occur, there shall be inserted “ or another country ”.

4F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

(2)In paragraph 7 of that Schedule (exclusion of off-shore oil in transit to place of first landing in United Kingdom)—

(a)in the heading the words “in United Kingdom" shall be omitted; and

(b)in sub-paragraph (a) after the words “United Kingdom" there shall be inserted “ or to the place referred to in section 3(1)(f)(ii) of this Act ”.

Textual Amendments

F1Sch. 15 para. 4(1) repealed (19.7.2006) (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1)

M2THE FINANCE ACT 1982U.K.

Marginal Citations

5U.K.In Schedule 18 (alternative valuation of light gases), in paragraph 3, in sub-paragraph (2) (the terms of the relevant contract), in paragraph (a) after the words “United Kingdom" there shall be inserted the words “ or another country ”.

M3THE OIL TAXATION ACT 1983U.K.

Marginal Citations

6U.K.In Schedule 1 (extension of allowable expenditure for assets generating receipts), in paragraph 1 (associated assets), in sub-paragraph (4) paragraph (c) and the word “and" immediately preceding it shall be omitted.

7U.K.In Schedule 2 to that Act (supplemental provisions as to receipts from qualifying assets), in paragraph 12 (purchase at place of extraction), in sub-paragraph (3) for paragraphs (a) and (b) there shall be substituted before it has been transported—

(a)to the place at which it is first landed in the United Kingdom; or

(b)to the place referred to in section 3(1)(f)(ii) of the principal Act.

8U.K.In Schedule 4 to that Act (receipts attributable to United Kingdom use of foreign field assets), in paragraph 11 there shall be omitted—

(a)in sub-paragraph (3) the words “and on the further assumption set out in sub-paragraph (4) below"; and

(b)sub-paragraph (4).

M4THE FINANCE ACT 1986U.K.

Marginal Citations

9U.K.In Schedule 21 (alternative valuation of light gases), in paragraph 5(1) after the words “(definition of “the relevant contract")" there shall be inserted “ in sub-paragraph (1) ”.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

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