Search Legislation

Petroleum Revenue Tax Act 1980

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Paragraph 2

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the Petroleum Revenue Tax Act 1980, Paragraph 2. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

2(1)There shall first be determined whether a computation made in accordance with section 2 as modified by the following provisions of this paragraph would result in an assessable profit, an allowable loss or neither an assessable profit or allowable loss and, if it would result in an assessable profit or allowable loss, the amount of that profit or loss.U.K.

(2)The market value, price and amounts referred to in section 2(5), (6)(b)(ii) and (7)(b) and (c) shall be taken from the particulars included in the return in pursuance of paragraph 2(2) and (3) of Schedule 2.

[F1(2A)The amount of any tariff or disposal receipts, within the meaning of the Oil Taxation Act 1983, shall be taken from the particulars included in the return referred to in sub-paragraph (2), and any amount by which any of those tariff receipts are to be treated as reduced under section 9 of that Act shall be determined accordingly.]

(3)The amount referred to in section 2(8)(b) shall be treated as nil and section 2(9)(a), (10) and (11) shall be omitted.

(4)Any expenditure in respect of which a claim has been made under Schedule 5, 6 or 7 and in respect of which the Board have not notified their decision under that Schedule may be treated for the purposes of section 2(9)(b), (c) [F2,d, [F3(f) or (g)]]

(a)as having been allowed; and

(b)in the case of expenditure claimed as qualifying for supplement under section 2(9)(b)(ii) or (c)(ii), as having been allowed as so qualifying.

(5)The participator’s share of any expenditure which by virtue of sub-paragraph (4) above is treated as having been allowed on a claim under Schedule 5 shall be the share proposed in the claim in pursuance of paragraph 2(4)(b) of that Schedule.

(6)Any loss in respect of which a claim has been made under Schedule 8 and in respect of which the Board have not notified their decision under that Schedule may be treated for the purposes of section 2(9)(e) as having been allowed.

(7)No expenditure or loss shall be taken into account under sub-paragraph (4), (5) or (6) above in relation to more than one chargeable period or more than one oil field.

Textual Amendments

Modifications etc. (not altering text)

C1See Oil Taxation Act 1983 (c. 56), Sch. 4 para. 15 in relation to receipts attributable to U.K. use of foreign field asset.

C2See Finance Act 1981 (c. 35), s. 111(6)— restriction of uplift on expenditure incurred after 31 December 1980.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources