PART 4Transfer to the OGA of the Secretary of State’s functions under oil taxation legislation, and other consequential amendments
Oil Taxation Act 19754
1
The Oil Taxation Act 197517 is amended as follows.
2
In section 2(7)(c) (assessable profits and allowable losses), for “Secretary of State” substitute “OGA”.
3
In section 3 (allowance of general expenditure), for “Secretary of State” (in each place) substitute “OGA”.
4
In section 5A18 (allowance of exploration and appraisal expenditure), for “Secretary of State” (in each place) substitute “OGA”.
5
In section 10(3B)19 (modification of Part 1)—
a
for “Secretary of State” substitute “OGA”, and
b
for “him” substitute “it”.
6
In section 12 (interpretation of Part 1)—
a
in subsection (1)—
i
in paragraph (b) of the definition of “licensee”, for “Secretary of State” substitute “OGA”, and
ii
at the appropriate place insert—
“the OGA” means the Oil and Gas Authority;
b
in subsection (1A)(a)(ii)20, for “Secretary of State” substitute “OGA”, and
c
in subsection (4), after “Secretary of State” insert “or the OGA”.
7
In Schedule 1 (determination of oil fields), in paragraph 1(2), for “Secretary of State” (in each place) substitute “OGA”.
8
In Schedule 2 (management and collection of petroleum revenue tax), in paragraph 2(2)(c) and (3)(d) for “Secretary of State” substitute “OGA”.
9
In Schedule 3 (petroleum revenue tax: miscellaneous provisions), in paragraph 4, for “Secretary of State” substitute “OGA”.