Words in s. 118(2)(c) substituted (15.2.1999) by 1998 c. 17, s. 50, Sch. 4 para. 16 (with Sch. 3 para. 5(1)); S.I. 1999/161, art. 2(1)

Words in s. 118(2) inserted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 5(3)(a)

Word in s. 118(2) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 5(3)(b)

Word in s. 118(2)(b) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 5(3)(c)

Words in s. 118(1)(a) inserted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 5(2)(a)

Word in s. 118(1)(b) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 5(2)(b)

http://www.legislation.gov.uk/ukpga/1981/35/section/118Finance Act 1981An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.81-09-01texttext/xmlenStatute Law Database2019-03-04Expert Participation2019-01-26Part VII Petroleum Revenue Tax
118 Licence payments other than royalties.1

For the purpose of computing under section 2 of the principal Act the assessable profit or allowable loss accruing to a participator in any chargeable period from an oil field—

a

there shall be included as a positive amount any chargeable sum paid to the participator in the period by the Secretary of State or the OGA ; and

b

there shall be included as a negative amount any allowable sum paid by the participator in the period to the OGA .

2

In this section “chargeable sum” and “allowable sum” mean any sum which after 31st December 1980 is paid to a participator by the Secretary of State or the OGA or, as the case may be, by the participator to the OGA by reference to a relevant licence except—

a

any sum falling to be taken into account under section 2(6) of the principal Act (licence debit or credit) or section 3(1)(b) of that Act (payment under or for the purpose of obtaining a relevant licence);

b

any sum consisting of interest on a sum payable to or by the OGA ;

c

any repayment by the Secretary of State under section 6(1) of the Petroleum Act 1998 (repayment of royalty for facilitating or maintaining the development of United Kingdom petroleum resources); and

d

any payment or repayment of royalty in respect of excluded oil (as defined in section 10 of the principal Act) and any other payment attributable to such oil.

3

Where the relevent licence by reference to which a chargeable sum or allowable sum is paid relates to a licensed area comprising the whole or part of two or more oil fields, that sum shall for the purposes of this section be apportioned between all or any of those fields, or attributed wholly to one of them, as may be just and reasonable.

4

A return under paragraph 2 of Schedule 2 to the principal Act shall include a statement of the chargeable sums and allowable sums, if any, paid to or by the participator in the chargeable period to which the return relates.

5

In considering for the purposes of paragraph 8(1) of Schedule 3 to the principal Act (subsidised expenditure) how far any expenditure has been or is to be met directly or indirectly by the Crown or by any authority or person other than the person incurring the expenditure, any chargeable sum shall be left out of account.

6

This section shall be construed as one with Part I of the principal Act.

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<p>
Words in s. 118(2)(c) substituted (15.2.1999) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/17">1998 c. 17</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/17/section/50">s. 50</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/17/schedule/4/paragraph/16">Sch. 4 para. 16</ref>
(with
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/17/schedule/3/paragraph/5/1">Sch. 3 para. 5(1)</ref>
);
<ref href="http://www.legislation.gov.uk/id/uksi/1999/161">S.I. 1999/161</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/1999/161/article/2/1">art. 2(1)</ref>
</p>
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<note class="commentary F" eId="key-eba6ecba075877a8b8d4404c72fa51ee">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/section/118/2">s. 118(2)</ref>
inserted (1.10.2016) by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898">The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/5/3/a">5(3)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-99df39abc2238c52732ec5e1138f8ae2">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/section/118/2">s. 118(2)</ref>
substituted (1.10.2016) by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898">The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/5/3/b">5(3)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-a264eb9fc15ddeb773824d371ea2ece2">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/section/118/2/b">s. 118(2)(b)</ref>
substituted (1.10.2016) by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898">The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/5/3/c">5(3)(c)</ref>
</p>
</note>
<note class="commentary F" eId="key-f0fb9891ba15da54ea591a7e6fd34a61">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/section/118/1/a">s. 118(1)(a)</ref>
inserted (1.10.2016) by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898">The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/5/2/a">5(2)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-35d373a2dd5d9cae1f258978ba9b896d">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/35/section/118/1/b">s. 118(1)(b)</ref>
substituted (1.10.2016) by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898">The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2016/898/regulation/5/2/b">5(2)(b)</ref>
</p>
</note>
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<num>Part VII</num>
<heading> Petroleum Revenue Tax</heading>
<section eId="section-118" period="#period1">
<num>118</num>
<heading> Licence payments other than royalties.</heading>
<subsection eId="section-118-1">
<num>1</num>
<intro>
<p>For the purpose of computing under section 2 of the principal Act the assessable profit or allowable loss accruing to a participator in any chargeable period from an oil field—</p>
</intro>
<paragraph eId="section-118-1-a">
<num>a</num>
<content>
<p>
there shall be included as a positive amount any chargeable sum paid to the participator in the period by the Secretary of State
<ins class="key-f0fb9891ba15da54ea591a7e6fd34a61-1508464936140 first last">
<noteRef href="#key-f0fb9891ba15da54ea591a7e6fd34a61" marker="F5" class="commentary attribute F"/>
or the OGA
</ins>
; and
</p>
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<paragraph eId="section-118-1-b">
<num>b</num>
<content>
<p>
there shall be included as a negative amount any allowable sum paid by the participator in the period to the
<ins class="substitution key-35d373a2dd5d9cae1f258978ba9b896d-1508464964742 first last">
<noteRef href="#key-35d373a2dd5d9cae1f258978ba9b896d" marker="F6" class="commentary attribute F"/>
OGA
</ins>
.
</p>
</content>
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<subsection eId="section-118-2">
<num>2</num>
<intro>
<p>
In this section “
<term refersTo="#term-chargeable-sum">chargeable sum</term>
” and “
<term refersTo="#term-allowable-sum">allowable sum</term>
” mean any sum which after 31st December 1980 is paid to a participator by the Secretary of State
<ins class="key-eba6ecba075877a8b8d4404c72fa51ee-1508464806980 first last">
<noteRef href="#key-eba6ecba075877a8b8d4404c72fa51ee" marker="F2" class="commentary attribute F"/>
or the OGA
</ins>
or, as the case may be, by the participator to the
<ins class="substitution key-99df39abc2238c52732ec5e1138f8ae2-1508464858361 first last">
<noteRef href="#key-99df39abc2238c52732ec5e1138f8ae2" marker="F3" class="commentary attribute F"/>
OGA
</ins>
by reference to a relevant licence except—
</p>
</intro>
<paragraph eId="section-118-2-a">
<num>a</num>
<content>
<p>any sum falling to be taken into account under section 2(6) of the principal Act (licence debit or credit) or section 3(1)(b) of that Act (payment under or for the purpose of obtaining a relevant licence);</p>
</content>
</paragraph>
<paragraph eId="section-118-2-b">
<num>b</num>
<content>
<p>
any sum consisting of interest on a sum payable to or by the
<ins class="substitution key-a264eb9fc15ddeb773824d371ea2ece2-1508464905841 first last">
<noteRef href="#key-a264eb9fc15ddeb773824d371ea2ece2" marker="F4" class="commentary attribute F"/>
OGA
</ins>
;
</p>
</content>
</paragraph>
<paragraph eId="section-118-2-c">
<num>c</num>
<content>
<p>
any repayment by the Secretary of State under
<ins class="d29p2100 first last">
<noteRef href="#c1606370" marker="F1" class="commentary attribute F"/>
section 6(1) of the Petroleum Act 1998
</ins>
(repayment of royalty for facilitating or maintaining the development of United Kingdom petroleum resources); and
</p>
</content>
</paragraph>
<paragraph eId="section-118-2-d">
<num>d</num>
<content>
<p>any payment or repayment of royalty in respect of excluded oil (as defined in section 10 of the principal Act) and any other payment attributable to such oil.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-118-3">
<num>3</num>
<content>
<p>Where the relevent licence by reference to which a chargeable sum or allowable sum is paid relates to a licensed area comprising the whole or part of two or more oil fields, that sum shall for the purposes of this section be apportioned between all or any of those fields, or attributed wholly to one of them, as may be just and reasonable.</p>
</content>
</subsection>
<subsection eId="section-118-4">
<num>4</num>
<content>
<p>A return under paragraph 2 of Schedule 2 to the principal Act shall include a statement of the chargeable sums and allowable sums, if any, paid to or by the participator in the chargeable period to which the return relates.</p>
</content>
</subsection>
<subsection eId="section-118-5">
<num>5</num>
<content>
<p>In considering for the purposes of paragraph 8(1) of Schedule 3 to the principal Act (subsidised expenditure) how far any expenditure has been or is to be met directly or indirectly by the Crown or by any authority or person other than the person incurring the expenditure, any chargeable sum shall be left out of account.</p>
</content>
</subsection>
<subsection eId="section-118-6">
<num>6</num>
<content>
<p>This section shall be construed as one with Part I of the principal Act.</p>
</content>
</subsection>
</section>
</part>
</portionBody>
</portion>
</akomaNtoso>