SCHEDULES

SCHEDULE 33U.K.PRT: elections for oil fields to become non-taxable

Part 2 U.K.Other amendments

OTA 1975U.K.

2U.K.In section 6 of OTA 1975 (allowances of unrelievable loss from abandoned field), in subsection (1A), after “this Act” insert “ and paragraph 5 of Schedule 20A to the Finance Act 1993 ”.

FA 1980U.K.

3U.K.In Schedule 17 to FA 1980 (transfers of interests in oil fields), in paragraph 15 (terminal losses), after sub-paragraph (9) insert—

“(9A)This paragraph is subject to paragraph 5 of Schedule 20A to the Finance Act 1993.”

Oil Taxation Act 1983U.K.

4U.K.In section 9 of the Oil Taxation Act 1983 (c. 56) (tariff receipts allowance), in subsection (5)(a), for the words from “other than” to the end substitute “other than—

(i)the principal field, or

(ii)an oil field that is a non-taxable field by virtue of section 185(1) or (1A) of the Finance Act 1993.”