SCHEDULES

SCHEDULE 18Oil taxation: market value of oil

Part 1Amendments of the Oil Taxation Act 1975

Interpretation

4

1

In section 12 (interpretation of Part 1 of the Act) subsection (1) (general definitions) is amended as follows.

2

Insert each of the following definitions at the appropriate place—

  • “business day” has the same meaning as in the Bills of Exchange Act 1882;”;

  • “Category 1 oil” and “Category 2 oil” have the meaning given by paragraph 2(1B) of Schedule 3 to this Act;

3

For the definition of “calendar month” substitute—

“calendar month” (where those words are used) means a month of the calendar year;