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Gas Levy Act 1981
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- UK Public General Acts
- 1981 c. 3
- Section 4
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4Levy where gas is stored in natural reservoirs
(1)Where a natural reservoir from which there derives gas to which section 1 above applies is used for the storage of gas produced elsewhere which is acquired by the Corporation, gas levy for any year shall only be payable on the amount by which the number of therms represented by the gas supplied to the Corporation from that reservoir during the year exceeds the number of therms represented by the gas put into the reservoir during the year.
(2)If in any year the number of therms represented by the gas put into such a reservoir has exceeded the number of therms represented by the gas supplied to the Corporation from the reservoir, the amount of the excess shall be carried forward and, for the purpose of computing gas levy for a subsequent year, may be set off against the number of therms represented by the gas supplied to the Corporation from the reservoir in that year.
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