SCHEDULES

C2SCHEDULE 2 Management and Collection of Petroleum Revenue Tax

Annotations:
Modifications etc. (not altering text)
C2

See Oil Taxation Act 1983 (c. 56), Sch. 4 para. 14 for application of Sch. 2 to tax chargeable only by virtue of the provisions of s. 12 and Sch. 4 of that Act

Management of tax

1

C11

The tax shall be under the care and management of the Board; and the provisions of the M1Taxes Management Act 1970 specified in the first column of the following Table shall apply in relation to the tax as they apply in relation to a tax within the meaning of that Act, subject to any modifications specified in the second column of that Table and with the substitution, for references to Part IX of that Act or to the Taxes Acts, of references to this Part of this Act and, for references to chargeable periods within the meaning of that Act, of references to chargeable periods within the meaning of this Part of this Act.

Table

Provisions applied

Modifications

Section

1(3)

F8. . .

33

F17. . .

In subsection (3), after “assessments made on” insert “ or determinations made in relation to ”.

In subsection (5), for the words following “profits” substitute “ means assessable profits. ”

34

36

F16. . .

“ For the purposes of this section any fraud, wilful default or neglect committed at any time by a responsible person for an oil field in connection with or in relation to the tax shall be treated as having been committed on behalf of each of the participators in that field at that time. ”

F947C

—

F8. . .

F8. . .

48

49F10...

50(1)-(5)

F1. . ..

51

. . .

52

. . .

F8. . .

56

F2. . .

F3 Section F1156

-

F8. . .

F8. . .

F8. . .

F8. . .

F8. . .

F8. . .

F8. . .

F8. . .

F8. . .

F8. . .

60

In subsection (1), omit the words following “charged therewith”.

61

In subsection (1), omit the words from “distrain upon” to “is charged or”.

62(1)

Omit “or which are payable for the year in which the seizure is made” and for “one year” and “one whole year” substitute “ two chargeable periods ”.

(2)

For “one whole year” substitute “ two chargeable periods ”.

63

64(1)

For “one year” and “one whole year” substitute “ two chargeable periods ”.

(2)

For “one whole year” substitute “ two chargeable periods ”.

66

67

68

69

In paragraph (a), substitute a reference to section 68 as applied by this paragraph for the reference to the sections there specified.

F7. . .

F7. . .

89(2)

For the reference to the rate or rates of interest prescribed by subsection (1) of that section substitute a reference to the rate of interest mentioned in paragraph 15 of this Schedule.

(3)

90

98

F4. . .

F18. . .

F5Section F12100C

F13In subsection (1) omit the words after “penalty” .

F14. . .

F14. . .

F14. . .

F14. . .

F14. . .

F14. . .

F5101

For the reference to income or chargeable gains substitute a reference to assessable profits.

102

F6Section103(1)

F6For the words from the beginning to “court -” substitute “ Where the amount of a penalty is to be ascertained by reference to tax payable by a person for any period , proceedings for the penalty may be commenced before the F15tribunal - ”

F6(4)

F6For the words from the beginning to “court,”substitute “ Proceedings for a penalty to which subsection (1) above does not apply may be commenced before the F15tribunal . ”

104

105

107(1)–(3)

108

In subsection (2), for the words from the beginning to “Acts” substitute “ The tax chargeable ”.

112

In subsection (1), after “assessment to tax” and “the assessment” insert “ or determination ” and after “duplicate of assessment to tax” and “duplicate of assessment” insert “ or of determination ”.

113(1A)

(3)

After “assessment” insert “ determination ” and after “notice of assessment” insert “ notice of determination ”.

114

After “assessment” wherever occurring insert “ or determination ”.

115(1)–(3)

118(1)

(2)

2

Any expression to which a meaning is given in this Part of this Act which is used in a provision of the M2Taxes Management Act 1970 applied by this paragraph shall, in that provision as so applied, have the same meaning as in this Part of this Act.