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Clause 153

Volume 116: debated on Tuesday 12 May 1987

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Nomination Of Disposals And Appropriations

Question proposed, That the clause stand part of the Bill.

Clause 153 and schedule 16 provide for the establishment and operation of a crude oil nomination scheme for petroleum revenue tax. Under the scheme, a participator in an oilfield may nominate proposed sales at arm's length of crude oil that he has produced himself and proposed appropriations of transfer of such oil to associates for refining purposes. The nomination is to be made within two business days to the Revenue—in practice, the oil taxation office.

As the House may know, the scheme has been introduced in response to developments in the oil market that have enabled participators to pick and choose with hindsight which of a range of contracts and prices should form the basis of their PRT liabilities. There is provision for modifications to be made to the scheme by regulation, thus enabling it to be adapted to meet any significant change in the market.

Question put and agreed to.

Clause 153 ordered to stand part of the Bill.

Schedule 16 agreed to.

Clause 154 ordered to stand part of the Bill.

Schedule 17 agreed to.

Clause 155 ordered to stand part of the Bill.

Schedule 18 agreed to.

Clause 156 ordered to stand part of the Bill.