Finance Act 1981

10 (1) Every participator in an oil field shall, at the time when he delivers to the Board the return for a chargeable period required by paragraph 2 of Schedule 2 to the principal Act—

(a) deliver to the Board a statement showing whether any, and if so what, amount of duty is payable by him under this paragraph for that period in respect of the field; and

(b) pay to the Board a sum equal to the amount of duty, if any, shown in the statement

(2) The statement under sub-paragraph (1)(a) above shall be in such form as the Board may prescribe.

(3) For the purposes of sub-paragraph ((1)(a)) above the duty payable by a participator for any chargeable period in respect of an oil field shall be determined by him by—

(a) calculating the gross profit accruing to him for that period from the field by reference to the particulars included in the return in pursuance of paragraph 2(2) of Schedule 2 to the principal Act (and without regard to sections 123 and 124 of this Act);

(b) making any addition required by section 123 of this Act;

(c) making the reduction required by section 124 of this Act; and

(d) applying to the result the percentage rate at which the duty is chargeable for the period.

(4) The sum paid under sub-paragraph (1)(b) above shall constitute a payment on account of the duty charged in any assessment made on the participator in respect of the gross profit accruing to him for the chargeable period from the oil field ; and if the payment on account exceeds the duty so charged the excess shall be repaid to the participator.

(5) Where a participator gives notice of appeal under paragraph 7 above against an assessment charging duty in respect of which he has made a payment on account, the amount, if any, to be repaid under sub-paragraph (4) above shall be calculated as if the duty charged in the assessment were limited to the duty which he would not be entitled to withhold under paragraph 8 above.