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- Point in Time (25/07/1991)
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Version Superseded: 03/05/1994
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There are currently no known outstanding effects for the Oil Taxation Act 1975, Paragraph 2A.
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[F12A(1)Paragraph 2 above shall have effect in accordance with this paragraph where the oil whose market value falls to be ascertained at any time in accordance with sub-paragraphs [F2(1) to (2D)] of that paragraph, or in accordance with those sub-paragraphs as modified by sub-paragraph (3) of that paragraph, consists of or includes gas.
(2)Sub-paragraph [F2(2)(d)] of paragraph 2 above shall not apply to so much of the oil as consists of gas unless—
(a)it has been subjected to initial treatment before being disposed of or relevantly appropriated; or
(b)it has, after being disposed of or relevantly appropriated, been subjected to initial treatment by or on behalf of the participator in question or by or on behalf of a person who is connected with him within the meaning of section [F3839] of the Taxes Act;
and where oil consisting of gas has, whether before or after being disposed of or relevantly appropriated, been subjected to initial treatment by or on behalf of the participator in question or by or on behalf of a person who is connected with him as aforesaid the appropriate initial treatment referred to in sub-paragraph [F2(2)(d)] of paragraph 2 above shall include the treatment to which it has been so subjected.
(3)Where the initial treatment mentioned in sub-paragraph (2) above includes treatment in order to separate gas of one or more kinds which are transported and sold in normal commercial practice, the market value of the gas of each such kind which is separated shall be ascertained in accordance with sub-paragraphs [F2(1) to (2D)] of paragraph 2 as if that were the only oil whose market value fell to be ascertained at the time in question (with sub-paragraphs [F2(2)(e)] of paragraph 2 applying accordingly).
(4)Where the oil consists of or includes natural gas within the meaning of the Energy Act 1976, it shall be assumed for the purposes of paragraph 2—
[F4(a)that any authorisation granted under section 7 or 8 of the Gas Act 1986 for the supply of the gas under the contract mentioned in sub-paragraph (2) of that paragraph; and
(b)that no authorisation is required under those sections for the supply of the gas under that contract if no such authorisation is required for the supply of the gas].]
Textual Amendments
F1Sch. 3 para. 2A inserted by Finance Act 1980 (c. 48), s. 109(7) in relation to chargeable periods ending after 31 December 1979
F2Words substituted by Finance Act 1987 (c. 16), s. 62(3) and Sch. 11 para. 2 for chargeable periods ending after 31 December 1986
F3Figure substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32
F4Sch. 3 para. 2A(4)(a)(b) substituted by Gas Act 1986 (c. 44), s. 67(1) and Sch. 7 para. 20
Modifications etc. (not altering text)
C1See Finance Act 1982 (c. 39), s. 134 and Sch. 18; Finance Act 1986 (c. 41), s. 109
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