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”.