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Oil Taxation Act 1983
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8(1)This paragraph applies in any case where—U.K.
(a)a mobile asset which, in relation to a participator in an oil field, is a qualifying asset gives rise to receipts which, apart from the provisions of this paragraph, would be tariff receipts of the participator; and
(b)the asset has ceased to be used in connection with any oil field whatsoever in which the participator or a person connected with him is a participator.
(2)In any case where this paragraph applies, so much of what would, apart from this paragraph, be tariff receipts of the participator arising from the asset and which are neither—
(a)received or receivable before the end of the chargeable period in which falls the second anniversary of the date on which the asset ceased to be used as mentioned in sub-paragraph (1)(b) above, nor
(b)received or receivable after the end of that chargeable period in respect of the use of the asset before the end of that period,
shall not form part of the tariff receipts of the participator for any chargeable period in which the asset is not used as mentioned in sub-paragraph (1)(b) above.
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