Petroleum Revenue Tax: Miscellaneous Provisions
Amendments made: No. 203, in page 37, line 27, at end insert:
' (a) the contract requires the oil to have been subjected to appropriate initial treatment before delivery ;
No. 238, in page 38, line 28, at end insert:
' Oil delivered in place of royalties to be disregarded for certain purposes
4. Oil delivered to the Secretary of State under the terms of a licence granted under the Petroleum (Production) Act 1934 shall be disregarded for the purposes of section 2(5) of this Act and for the purposes of the references in section ( Oil allowance) (3) and (4) of this Act to a participator's share of the oil won and saved from an oil field in a chargeable period'.
No. 223, in line 30, leave out paragraph 4.
No. 108, in page 42, line 15, at end insert:
10.—(1) Where a participator has made an election under paragraph 9(1) above, section (Oil allowance) of this Act shall have effect in his case subject to the following provisions of this paragraph.
(2) The reduction made under subsection (1) of that section for any chargeable period shall not exceed the reduction which would have fallen to be so made if the participator had not made any such election.
(3) If for any chargeable period the reduction which would, apart from this subparagraph, fall to be made under the said subsection (1) is less than it would have been if the participator had not made any such election, an amount equal to the difference shall be available for use under the following sub-paragraph as regards subsequent chargeable periods.
(4) For any chargeable period for which a reduction falls to be made under paragraph (a) of the said subsection (1), so much, if any, as the participator may specify of, or of the unused balance of, any amount available for use under this sub-paragraph by virtue of subparagraph (3) above shall be used by treating for all purposes of the said section (Oil allowance) the cash equivalent of his share of the oil allowance for the field for that period as increased thereby.
Restriction of amount of reduction under section 8(1)
then, if the Board so direct, the reduction made under that subsection for that chargeable period shall be only what it would have been if the expenditure and other amounts allowed on the claim had been claimed before and allowed at the relevant time.
In this paragraph "the relevant time" means the end of twelve months from the end of the claim period to which the claim mentioned in sub-paragraph ( a) above relates '.—[ Mr. Dell.]