making provisions with respect to the treatment for the purposes of the 1984 Act of shares and securities dealt in on the Unlisted Securities Market;

making other amendments of Chapter I of Part V of the 1984 Act (business property);

making provision with respect to the application to certain transfers of relief under that Chapter and under Chapter II of that Part (agricultural property); and

making provision with respect to the payment of tax by instalments.

to oil which is gaseous at a temperature of 15 degrees centigrade and pressure of one atmosphere; or

to oil of a kind which is normally disposed of crude by deliveries in quantities of 25,000 metric tonnes or less; or

to oil which is excluded from this section by regulations under subsection (8) below;

the price received or receivable for so much of any oil forming part of his equity production from the field in that month as was disposed of by him crude in sales at arm’s length; and

the market value, ascertained in accordance with Schedule 3 to the principal Act, of the rest of his equity production from the field in that month;

as to oil which is excluded from this section, as mentioned in subsection (2) above; and

for any purpose for which regulations, other than those described as “Treasury regulations”, may be made under Schedule 10 to this Act;

in section 2 (assessable profits and allowable losses), in subsection (9), paragraphs (a)(i) and (a)(ii);

in section 5A (allowance of exploration and appraisal expenditure), subsection (5B);

in section 14 (valuation of oil disposed of or appropriated in certain circumstances), subsections (4) and (4A)(b); and

in paragraph 2 of Schedule 2 (returns by participators), sub-paragraphs (2)(a)(iii) and (2)(b)(ii).

section 2(4)(b);

section 2(5)(d); and

in Schedule 2, paragraph 2(2)(d)(ii);

the date of the contract of sale;

the name of the seller;

the name of the buyer;

the quantity od oil actually sold and, if it is different, the quantity of oil contracted to be sold;

the price receivable for that oil;

the date which, under the contract, was the date or, as the case may be, the latest date for delivery of the oil and the date on which the oil was actually delivered; and

such other particulars as the Board may prescribe.

for delivery at anyu time during the chargeable period referred to in subsection (4) above; and

details of which are not included in a return for the period under paragraph 2 of Schedule 2 to the principal Act which is delivered to the Board at the same time as the return required by subsection (4) above or which was delivered to them previously; and

which is for the delivery of at least 500 metric tonnes of oil; and

which is not a contract for the sale of oil consisting of gas of which the largest component by volume over the chargeable period concerned is methane or ethane or a combination of those gases.

to a penalty not exceeding £500; and

if the failure continues after it has been declared by the court or the Commissioners before whom proceedings for the penalty have been commenced, to a further penalty not exceeding £100 for each day on which the failure so continues;

“blended oil” means oil which has been so mixed; and

“the originating fields” means the oil fields from which the blended oil is derived.

“oil field” includes an area which is a foreign field for the purposes of section 12 of the Oil Taxation Act 1983;

“oil” includes any substance which would be oil if the enactments mentioned in section 1(1) of the principal Act extended to such an area as is referred to in paragraph (a) above;

“blended oil” means oil which has been mixed as mentioned in subsection (1) above; and

“the originating fields”, in relation to any blended oil, means the oil fields from which the blended oil is derived.

to a penalty not exceeding £500; and

if the failure continues after it has been declared by the court or the Commissioners before whom proceedings for the penalty have been commenced, to a further penalty not exceeding £100 for each day on which the failure so continues;

that method is in any respect changed, or

there is a material change of any kind in the quantity or quality of any of the oil which makes up the blended oil,

“the oil taxation legislation” means Part I of the principal Act and any enactment construed as one with that Part; and

“prescribed” means prescribed by the Board, whether before or after the passing of this Act.

was incurred by the participator making the election or, if that participator is a body corporate, by an associated company; and

as regards the field of origin, is allowable under section 3 or section 4 of the principal Act or section 3 of the M15Oil Taxation Act 1983; and

as regards the field of origin, has been allowed as qualifying for supplement under section 2(9)(b)(ii) or (c)(ii) of the principal Act (in the following provisions of this section referred to as “supplement”); and

is not expenditure falling within subsection (1) of section 5A of the principal Act (allowance of exploration and appraisal expenditure);

it shall be taken into account in that assessment to tax or determination relating to a chargeable period of the receiving field which is specified in Part II of Schedule 14 to this Act; and

it shall be so taken into account under subsection (8) of section 2 of the principal Act (allowable expenditure etc.) as if, for the chargeable period in question, it were an addition to the sum mentioned in paragraph (a) of that subsection; and

it shall be excluded in determining for the purposes of section 111(2) of the M17Finance Act 1981 (restriction of expenditure supplement) whether any, and if so what, assessable profit or allowable loss accrues to the participator in any chargeable period of the receiving field.

Part III has effect to determine for the purposes of this section what is a relevant new field and who is an associated company of a participator making an election;

Part IV contains provisions supplemental to and consequential upon the allowance of expenditure by virtue of an election under this section, including provisions applicable where a notice of variation is served in respect of expenditure which is already the subject of such an election;

“the receiving field” and “the field of origin” have the meaning assigned by subsection (1) above;

“the principal section” means this section;

“election” means an election under this section; and

“supplement” has the meaning assigned by subsection (2)(c) above.

“the final allocation period”, in relation to an oil field, means the chargeable period of that field in which section 8(6)(b) of the principal Act applies (the earliest chargeable period in which oil allowance is subject to “the necessary restriction” in order to confine it within the overall maximum); and

“the penultimate period”, in relation to an oil field, means the chargeable period of that field which immediately precedes the final allocation period;

to produce, so far as practicable, the result specified in subsection (4) below, being a result which, in the circumstances of the case, could not be achieved under section 8(6)(b) of the principal Act; and

to secure that adjustments in a participator’s share of the oil allowance are made in the final allocation period in preference to the penultimate period.

it is given not later than six months after the expiry of the final allocation period; and

not later than the date of the notice the responsible person notifies the Board in accordance with paragraph (b) of subsection (6) of section 8 of the principal Act of the manner in which the necessary restriction, as defined in that subsection, is to be apportioned between the participators; and

it specifies a period for each of paragraphs (a) and (b) of subsection (4) below; and

it contains such information as the Board may prescribe for the purpose of showing how, or to what extent, the apportionment of the oil allowance achieves the result specified in subsection (4) below.

a participator’s share of the oil allowance means the total amount of the allowance utilised by him over the period specified for the purpose of this paragraph in the apportionment notice; and

a participator’s share in oil won and saved from the field means the total of the oil included in his share of oil won and saved from the field (as specified in returns under Schedule 2 to the principal Act) over the period specified for the purposes of this paragraph in the apportionment notice, being a period which includes that specified for the purposes of paragraph (a) above.

the apportionment specified in the apportionment notice shall, as respects the two final periods, have effect as if it were the apportionment resulting from section 8(2) of the principal Act; and

all such amendments of assessments to tax and determinations shall be made as may be necessary in consequence of paragraph (a) above.

if, at any time after the giving of the notice and before the determination of the appeal by the Commissioners, the Board and the appellant agree that the apportionment notice should be accepted or withdrawn or varied, the same consequences shall ensue as if the Commissioners had determined the appeal to that effect;

if, on the hearing of the appeal, it appears to the majority of the Commissioners present at the hearing that the apportionment notice should be accepted, with or without modifications, they shall allow the appeal and, where appropriate, make such modifications of the apportionment specified in the notice as they think fit; and

where the appeal is allowed, subsection (5) above shall apply as if the apportionment notice (subject to any modifications made by the Commissioners) had been accepted by the Board.