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F1Part VIII (ss. 122–128) repealed by Finance Act 1982 (c. 39), s. 157(6), Sch. 22 Pt.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.
(1)Subject to the provisions of this section, the duty paid by a participator in respect of an oil field shall be repaid to him if—
(a)a decision has been made under Schedule 8 to the principal Act (whether by the Board or on appeal) that the winning of oil from the field has permanently ceased;
(b)an unrelievable field loss, within the meaning of section 6 of that Act, has accrued to the participator from the field; and
(c)a claim for repayment is made under this section.
(2)The amount of duty to be repaid shall not exceed the amount of the unrelievable field loss; and where duty paid by a participator in respect of an oil field is repaid under this section the amount to be taken into account under section 2(9)(e) of the principal Act as the unrelievable field loss from that field in computing the assessable profit or allowable loss accruing from another field to—
(a)the participator; or
(b)a company which, within the meaning of the said section 6, is associated with him in respect of the loss,
shall not be greater than the amount (if any) by which it exceeds the amount repaid.
(3)If a claim for the allowance of the unrelievable field loss is made by the participator under Schedule 8 to the principal Act, the claim under this section shall be included in that claim; and in any other case the claim under this section shall be made within six years after the date of the decision mentioned in subsection (1)(a) above.
(4)Sub-paragraphs (2) and (3) of paragraph 4 of the said Schedule 8 shall, with the necessary modifications, apply in relation to a claim for repayment under this section as they apply in relation to a claim under sub-paragraph (1) of that paragraph.
(5)References in this section to duty paid by a participator are to duty paid by him and not previously repaid.]