Part of the text of s. 61(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

For regulations see Part III (under “Petroleum Revenue Tax: nomination scheme for disposals and appropriations”)

http://www.legislation.gov.uk/ukpga/1987/16/section/61/1994-09-01Finance Act 1987An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1987-05-15texttext/xmlenStatute Law Database2024-06-031994-09-01Part V Oil Taxation
61 Nomination of disposals and appropriations.1

The provisions of Schedule 10 to this Act shall have effect, being provisions for and in connection with the establishment of a scheme of nominations by participators in oil fields of certain proposed sales, supplies and appropriations of oil.

2

Nothing in this section or Schedule 10 to this Act applies—

a

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

b

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

c

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

and references to oil in this section and Schedule 10 to this Act shall be construed accordingly.

3

As respects each participator in an oil field, it shall be determined, for each calendar month in a chargeable period beginning with the month of March 1987, whether his aggregate nominated proceeds, as defined in Schedule 10 to this Act, exceed the proceeds of his disposals and appropriations in that month, as defined in subsection (6) below and, if they do, that excess shall be brought into account in accordance with subsection (5) below.

4

For each chargeable period of an oil field, “the excess of nominated proceeds for the period”, in relation to a participator in that field, means the sum of the excess (if any) of each of the months in that chargeable period, as determined in his case under subsection (3) above.

5

In subsection (5) of section 2 of the principal Act (amounts to be taken into account in determining whether a gross profit or loss accures to a participator in any chargeable period) at the end of paragraph (d) there shall be added

and”

e

the excess of the nominated proceeds for that period, as defined in section 61 of the Finance Act 1987.

6

In relation to any calendar month, the proceeds of a participator’s disposals and appropriations from an oil field means the total of—

a

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

b

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;

and in this subsection any reference to a participator’s equity production from an oil field in any month shall be construed in accordance with paragraph 1(2) of Schedule 10 of this Act.

7

The Treasury may by regulations made by statutory instrument make provision for any purpose for which regulations described as “Treasury regulations” may be made under Schedule 10 to this Act.

8

The Board may by regulations made by statutory instrument make provision, including provision having effect with respect to things done on or after 9th February 1987,—

a

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

b

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

and regulations made by virtue of paragraph (a) above may amend paragraphs (a) and (b) of subsection (2) above.

9

A statutory instrument made in the exercise of the power conferred by subsection (7) of subsection (8) above shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.

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<num>Part V</num>
<heading> Oil Taxation</heading>
<section eId="section-61" period="#period1">
<num>61</num>
<heading> Nomination of disposals and appropriations.</heading>
<subsection eId="section-61-1">
<num>1</num>
<content>
<p>The provisions of Schedule 10 to this Act shall have effect, being provisions for and in connection with the establishment of a scheme of nominations by participators in oil fields of certain proposed sales, supplies and appropriations of oil.</p>
</content>
</subsection>
<subsection eId="section-61-2">
<num>2</num>
<intro>
<p>Nothing in this section or Schedule 10 to this Act applies—</p>
</intro>
<paragraph eId="section-61-2-a">
<num>a</num>
<content>
<p>to oil which is gaseous at a temperature of 15 degrees centigrade and pressure of one atmosphere; or</p>
</content>
</paragraph>
<paragraph eId="section-61-2-b">
<num>b</num>
<content>
<p>to oil of a kind which is normally disposed of crude by deliveries in quantities of 25,000 metric tonnes or less; or</p>
</content>
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<paragraph eId="section-61-2-c">
<num>c</num>
<content>
<p>to oil which is excluded from this section by regulations under subsection (8) below;</p>
</content>
</paragraph>
<wrapUp>
<p>and references to oil in this section and Schedule 10 to this Act shall be construed accordingly.</p>
</wrapUp>
</subsection>
<subsection eId="section-61-3">
<num>3</num>
<content>
<p>As respects each participator in an oil field, it shall be determined, for each calendar month in a chargeable period beginning with the month of March 1987, whether his aggregate nominated proceeds, as defined in Schedule 10 to this Act, exceed the proceeds of his disposals and appropriations in that month, as defined in subsection (6) below and, if they do, that excess shall be brought into account in accordance with subsection (5) below.</p>
</content>
</subsection>
<subsection eId="section-61-4">
<num>4</num>
<content>
<p>
For each chargeable period of an oil field, “
<term refersTo="#term-the-excess-of-nominated-proceeds-for-the-period">the excess of nominated proceeds for the period</term>
”, in relation to a participator in that field, means the sum of the excess (if any) of each of the months in that chargeable period, as determined in his case under subsection (3) above.
</p>
</content>
</subsection>
<subsection eId="section-61-5">
<num>
<noteRef href="#c11286991" marker="C1" class="commentary C"/>
5
</num>
<content>
<p>In subsection (5) of section 2 of the principal Act (amounts to be taken into account in determining whether a gross profit or loss accures to a participator in any chargeable period) at the end of paragraph (d) there shall be added</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<p class="run-on">and” </p>
<paragraph eId="d4e137">
<num>e</num>
<content>
<p>the excess of the nominated proceeds for that period, as defined in section 61 of the Finance Act 1987.</p>
</content>
</paragraph>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-61-6">
<num>6</num>
<intro>
<p>In relation to any calendar month, the proceeds of a participator’s disposals and appropriations from an oil field means the total of—</p>
</intro>
<paragraph eId="section-61-6-a">
<num>a</num>
<content>
<p>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</p>
</content>
</paragraph>
<paragraph eId="section-61-6-b">
<num>b</num>
<content>
<p>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;</p>
</content>
</paragraph>
<wrapUp>
<p>and in this subsection any reference to a participator’s equity production from an oil field in any month shall be construed in accordance with paragraph 1(2) of Schedule 10 of this Act.</p>
</wrapUp>
</subsection>
<subsection eId="section-61-7">
<num>7</num>
<content>
<p>
The Treasury may by regulations made by statutory instrument make provision for any purpose for which regulations described as “
<term refersTo="#term-treasury-regulations">Treasury regulations</term>
” may be made under Schedule 10 to this Act.
</p>
</content>
</subsection>
<subsection eId="section-61-8">
<num>
<noteRef href="#c11287001" marker="C2" class="commentary C"/>
8
</num>
<intro>
<p>The Board may by regulations made by statutory instrument make provision, including provision having effect with respect to things done on or after 9th February 1987,—</p>
</intro>
<paragraph eId="section-61-8-a">
<num>a</num>
<content>
<p>as to oil which is excluded from this section, as mentioned in subsection (2) above; and</p>
</content>
</paragraph>
<paragraph eId="section-61-8-b">
<num>b</num>
<content>
<p>
for any purpose for which regulations, other than those described as “
<term refersTo="#term-treasury-regulations">Treasury regulations</term>
”, may be made under Schedule 10 to this Act;
</p>
</content>
</paragraph>
<wrapUp>
<p>and regulations made by virtue of paragraph (a) above may amend paragraphs (a) and (b) of subsection (2) above.</p>
</wrapUp>
</subsection>
<subsection eId="section-61-9">
<num>9</num>
<content>
<p>A statutory instrument made in the exercise of the power conferred by subsection (7) of subsection (8) above shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.</p>
</content>
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