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Finance Act 1981
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- 1981 c. 35
- Part VIII
- Section 122
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[F1122 Charge of supplementary petroleum duty.U.K.
(1)Every participator in an oilfield shall, in accordance with this Part of this Act, be chargeable with a tax (to be known as supplementary petroleum duty) on the gross profit accruing to him from the field in any chargeable period to which this section applies.
(2)The duty shall be charged at the rate of 20 per cent.
(3)For the purposes of the duty the gross profit shall, except so far as otherwise provided in this Part of this Act, be determined in accordance with section [F22(4) to (5A)] of the Oil Taxation Act 1975 (“the principal Act”) as for the purposes of petroleum revenue tax.
(4)Any other expression used in this Part of this Act which also occurs in Part I of the principal Act shall be construed in the same way as for the purposes of that tax.
(5)This section applies to the chargeable periods ending on 30th June 1981, 31st December 1981, [F330th June 1982, and 31st December 1982 and to no other periods].]
Textual Amendments
F1Part VIII (ss. 122–128) repealed by Finance Act 1982 (c. 39), s. 157(6), Sch. 22 Pt. IX for chargeable periods ending after 31 December 1982.
F2Words substituted by Finance Act 1982 (c. 39), s. 133(2) for chargeable periods ending after 31 December 1981. Originally “2(4) and (5)”
F3Words substituted by Finance Act 1982 (c. 39), s. 132(2). Originally “and 30th June 1982”.
Modifications etc. (not altering text)
C1See Finance Act 1982 (c. 39), s. 135—in relation to determination of oil fields under Oil Taxation Act 1975 Sch. 1 made after 31 December 1981, Part VIII to apply to oil won before the date of determination.
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