Oil Taxation Act 1983

2 (1) Subject to paragraphs 3 and 6 below, where an amount of qualifying tariff receipts received or receivable by a participator in a chargeable period from a user field falls to be treated, for the purpose mentioned in subsection (1) of the principal section, as reduced in accordance with paragraph (a) or paragraph (b) of that subsection, the cash equivalent of his share of the tariff receipts allowance in respect of that user field for that period is the amount given, subject to sub-paragraph (2) below, by the formula: —

where—

• " A " is the amount of those qualifying tariff receipts ;

• " B " is the tariff receipts allowance in respect of that user field, expressed in metric tonnes; and

• " C " is the amount, in metric tonnes, of the oil to which those qualifying tariff receipts relate.

(2) If, apart from this sub-paragraph, the fraction in the formula in sub-paragraph (1) above would exceed unity, it shall be treated as unity for the purposes of this Schedule.