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(1)Subject to subsections (2) and (3) below, Schedule 5 to this Act applies to expenditure incurred by a person at or before the time when he is or was a participator in an oil field, being expenditure incurred in a claim period—
(a)ending before 1st July 1982, or
(b)beginning before and ending after that date but not later than 31st December 1983,
in acquiring, bringing into existence or enhancing the value of an asset which is not a mobile asset or which is a mobile asset dedicated to that oil field.
(2)In any case where,—
(a)apart from this subsection, Schedule 5 to this Act would have effect with respect to expenditure incurred on or after 1st July 1982 in connection with an oil field, and
(b)the responsible person for that field so elects,
then, for the purposes of this Act (other than this subsection), so much of the claim period beginning before and ending after 1st July 1982 as falls before that date shall be treated as one claim period and the remainder shall be treated as another claim period; and, accordingly, Schedule 5 to this Act shall not apply with respect to expenditure incurred in the claim period treated as beginning on 1st July 1982.
(3)An election under subsection (2) above shall be made by notice in writing to the Board not later than 30th June 1984 and such an election shall be irrevocable.
(4)This Act has effect (with any necessary modifications) in relation to expenditure incurred in a claim period part of which falls before 1st July 1982 and part of which falls after 31st December 1983 as if any expenditure incurred in that period before 1st July 1982 were incurred on that date.
(5)In relation to expenditure incurred before 1st July 1982 and allowed or allowable under section 4 of the principal Act, paragraph 8 of Schedule 1 to this Act shall apply as if—
(a)references therein to allowable expenditure included references to expenditure so allowed or allowable; and
(b)references therein to the new asset were references to the asset in connection with which the expenditure was incurred.
In any case where, before the passing of this Act,—
(a)notice has been given of a decision on a claim for a claim period which is, or is subsequent to, the transitional claim period, as defined in Schedule 5 to this Act, and
(b)if this Act had been in force at the beginning of that claim period, the decision would have been different,
then, for the purpose of giving effect to the provisions of this Act, paragraph 9 of Schedule 5 to the principal Act (variation of decisions on claims for allowable expenditure) shall have effect whether or not notice of the decision of the Board was given as mentioned in sub-paragraph (11) of that paragraph.
(1)This Act may be cited as the Oil Taxation Act 1983.
(2)In this Act “the principal Act” means the M1Oil Taxation Act 1975.
(3)In this Act—
“chargeable field” shall be construed in accordance with section 8(5) above;
“disposal receipts” shall be construed in accordance with section 7(2) above;
“qualifying asset” shall be construed in accordance with [F1section 8] above; and
“tariff receipts” shall be construed, subject to Schedule 5 to this Act, in accordance with section 6(2) above.
(4)Section [F2839] of the Taxes Act (connected persons) applies for the purposes of this Act.
(5)This Act shall be construed as one with Part I of the principal Act.
(6)The enactments specified in Schedule 6 to this Act are hereby repealed to the extent specified in the third column of that Schedule.
Textual Amendments
F1Words substituted by Finance Act 1985 (c. 54), s. 92(3)
F2Figure substituted by Income and Corporation Taxes Act 1988 (c. 1), Sch. 29, para. 32
Marginal Citations