SCHEDULES
SCHEDULE 33PRT: elections for oil fields to become non-taxable
Part 2Other amendments
OTA 1975
2
In section 6 of OTA 1975 (allowances of unrelievable loss from abandoned field), in subsection (1A), after “this Act” insert “
and paragraph 5 of Schedule 20A to the Finance Act 1993
”
.
FA 1980
3
In Schedule 17 to FA 1980 (transfers of interests in oil fields), in paragraph 15 (terminal losses), after sub-paragraph (9) insert—
9A
This paragraph is subject to paragraph 5 of Schedule 20A to the Finance Act 1993.
Oil Taxation Act 1983
4
In section 9 of the Oil Taxation Act 1983 (c. 56) (tariff receipts allowance), in subsection (5)(a), for the words from “other than” to the end substitute
other than—
i
the principal field, or
ii
an oil field that is a non-taxable field by virtue of section 185(1) or (1A) of the Finance Act 1993.