Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(2)(5) for chargeable periods ending after 1 January 1987

1984 c. 43.

S. 62(6)(b) substituted (27.7.1999 with effect in relation to chargeable periods ending on or after 30.6.1999) by 1999 c. 16, s. 102(7)(8)

S. 62(2)(c) repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1)

S. 62(3A) inserted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(2)

S. 62(8A) inserted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(6)

Words in s. 62(4) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(3)

Words in s. 62(4)(d) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(4)

Words in s. 62(4)(e) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(4)

Words in s. 62(4)(f) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(4)

Words in s. 62(6) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(5)(a)

Words in s. 62(6)(a) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(5)(b)

Words in s. 62(6)(c) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(5)(c)

S. 62(6)(d) and word preceding it omitted (with effect in accordance with s. 106(7) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 106(5)(d)

Words in s. 62(7)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 127

http://www.legislation.gov.uk/ukpga/1987/16/section/62Finance 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 Database2024-06-03Expert Participation2024-02-22Part V Oil Taxation
62 Market value of oil to be determined on a monthly basis.1

In the following provisions of the principal Act (which refer to the market value of oil at the material time in a particular calendar month) the words “at the material time” shall be omitted—

a

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

b

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

c

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

d

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

2

In the following provisions of the principal Act (which refer to the market value of stocks of oil at the end of a chargeable period) for the words “at the end” there shall be substituted “ in the last calendar month” ”

a

section 2(4)(b);

b

section 2(5)(d); and

c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

and in the provisions specified in paragraphs (a) and (b) above for the word “then” there shall be substituted “ at the end of that period ”.

3

In Schedule 3 to the principal Act (miscellaneous provisions relating to petroleum revenue tax) paragraphs 2, 2A and 3 (market value of oil) shall be amended in accordance with Part I of Schedule 11 to this Act; and the consequential amendments of the principal Act in Part II of that Schedule shall have effect.

3A

Subsection (4) applies to a participator in an oil field in any case where—

a

paragraph 2 of Schedule 2 to the principal Act requires the participator to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), and

b

there are any relevant sales of Category 2 oil (as defined in subsection (6) below).

4

In such a case, that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return of all relevant sales of Category 2 oil stating—

a

the date of the contract of sale;

b

the name of the seller;

c

the name of the buyer;

d

the quantity of Category 2 oil actually sold and, if it is different, the quantity of Category 2 oil contracted to be sold;

e

the price receivable for that Category 2 oil;

f

the date which, under the contract, was the date or, as the case may be, the latest date for delivery of the Category 2 oil and the date on which the Category 2 oil was actually delivered; and

g

such other particulars as the Board may prescribe.

5

Where two or more companies which are participators in the same oil field are members of the same group of companies, within the meaning of section 413 of the Taxes Act, a return made for the purposes of subsection (4) above by one of them and expressed also to be made on behalf of the other or others shall be treated for the purposes of this section as a return made by each of them.

6

For the purposes of the return required by subsection (4) above from a participator in an oil field, a relevant sale of Category 2 oil is a contract for the sale of Category 2 oilat arm’s length to which the participator or any company which is resident in the United Kingdom and associated with the participator for the purposes of section 115(2) of the Finance Act 1984 is a party (as seller, buyer or otherwise), being a sale of Category 2 oil

a

for delivery at any time during the chargeable period referred to in subsection (3A) above; and

b

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

c

which is for the delivery of at least 500 metric tonnes of Category 2 oil; ...

d

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

A return under subsection (4) above shall be in such form as the Board may prescribe and shall include a declaration that the return is correct and complete; and if a participator fails to deliver a return under that subsection he shall be liable—

a

to a penalty not exceeding £500; and

b

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

except that a participator shall not be liable to a penalty under this subsection if the failure is remedied before proceedings for the recovery of the penalty are commenced.

8

Where a participator fraudulently or negligently delivers an incorrect return under subsection (4) above, he shall be liable to a penalty not exceeding £2,500 or, in the case of fraud, £5,000.

8A

For provision about the meaning of “Category 2 oil”, see paragraph 2 of Schedule 3 to the principal Act (which applies by virtue of section 72(6) below).

9

This section has effect with respect to chargeable periods ending after 31st December 1986.

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<note class="commentary F" eId="c11287061">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/29/paragraph/32">Sch. 29 para. 32</ref>
</p>
</note>
<note class="commentary F" eId="c11287071">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1987/51">Finance (No. 2) Act 1987 (c. 51, SIF 63:1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1987/51/section/101/2/5">s. 101(2)(5)</ref>
for chargeable periods ending after 1 January 1987
</p>
</note>
<note class="commentary M" eId="c11287081">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43">1984 c. 43</ref>
.
</p>
</note>
<note class="commentary F" eId="c11287091">
<p>
S. 62(6)(b) substituted (27.7.1999 with effect in relation to chargeable periods ending on or after 30.6.1999) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1999/16">1999 c. 16</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1999/16/section/102/7/8">s. 102(7)(8)</ref>
</p>
</note>
<note class="commentary F" eId="key-d4918d35816f4c416d9298cdcdb9101d">
<p>
S. 62(2)(c) repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2006/25">Finance Act 2006 (c. 25)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2006/25/schedule/26/part/5/1">Sch. 26 Pt. 5(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-f3f6e686636f35a059cc1a68cfe66571">
<p>
S. 62(3A) inserted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/2">s. 106(2)</ref>
</p>
</note>
<note class="commentary F" eId="key-945323a3d489afc667d8cfc1f7c042fa">
<p>
S. 62(8A) inserted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/6">s. 106(6)</ref>
</p>
</note>
<note class="commentary F" eId="key-87728aab5893c5893b958e997b845ffd">
<p>
Words in s. 62(4) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/3">s. 106(3)</ref>
</p>
</note>
<note class="commentary F" eId="key-f2b14087e0a79eaea5bc1327d70ec1c5">
<p>
Words in s. 62(4)(d) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/4">s. 106(4)</ref>
</p>
</note>
<note class="commentary F" eId="key-b61d47ccc4e4e903f663adb102a71664">
<p>
Words in s. 62(4)(e) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/4">s. 106(4)</ref>
</p>
</note>
<note class="commentary F" eId="key-97e2659ebeca982c1fdc3a0c7a2ebe5d">
<p>
Words in s. 62(4)(f) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/4">s. 106(4)</ref>
</p>
</note>
<note class="commentary F" eId="key-ab9959e4210fd773aebc8ae3405ade49">
<p>
Words in s. 62(6) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/5/a">s. 106(5)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-bab9b15cf3d38e9de52534ea0ec5bf62">
<p>
Words in s. 62(6)(a) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/5/b">s. 106(5)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-d60036d9424d4057c82d0a848c2282f9">
<p>
Words in s. 62(6)(c) substituted (with effect in accordance with s. 106(7) of the amending Act) by
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/5/c">s. 106(5)(c)</ref>
</p>
</note>
<note class="commentary F" eId="key-917be22336cf840810411594588dc2ca">
<p>
S. 62(6)(d) and word preceding it omitted (with effect in accordance with s. 106(7) of the amending Act) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9">Finance Act 2008 (c. 9)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/9/section/106/5/d">s. 106(5)(d)</ref>
</p>
</note>
<note class="commentary F" eId="key-7e6e0f105339928bcb574d14fe474a0f">
<p>
Words in s. 62(7)(b) substituted (1.4.2009) by
<ref href="http://www.legislation.gov.uk/id/uksi/2009/56">The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/56/article/1/2">art. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2009/56/schedule/1/paragraph/127">Sch. 1 para. 127</ref>
</p>
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<ukm:PrimaryMetadata>
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<ukm:DocumentCategory Value="primary"/>
<ukm:DocumentMainType Value="UnitedKingdomPublicGeneralAct"/>
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<ukm:Year Value="1987"/>
<ukm:Number Value="16"/>
<ukm:EnactmentDate Date="1987-05-15"/>
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<portionBody period="#period3">
<part eId="part-V" period="#period2">
<num>Part V</num>
<heading> Oil Taxation</heading>
<section eId="section-62" period="#period1">
<num>62</num>
<heading> Market value of oil to be determined on a monthly basis.</heading>
<subsection eId="section-62-1">
<num>1</num>
<intro>
<p>
In the following provisions of the principal Act (which refer to the market value of oil at the material time in a particular calendar month) the words “
<term refersTo="#term-at-the-material-time">at the material time</term>
” shall be omitted—
</p>
</intro>
<paragraph eId="section-62-1-a">
<num>a</num>
<content>
<p>in section 2 (assessable profits and allowable losses), in subsection (9), paragraphs (a)(i) and (a)(ii);</p>
</content>
</paragraph>
<paragraph eId="section-62-1-b">
<num>b</num>
<content>
<p>in section 5A (allowance of exploration and appraisal expenditure), subsection (5B);</p>
</content>
</paragraph>
<paragraph eId="section-62-1-c">
<num>c</num>
<content>
<p>in section 14 (valuation of oil disposed of or appropriated in certain circumstances), subsections (4) and (4A)(b); and</p>
</content>
</paragraph>
<paragraph eId="section-62-1-d">
<num>d</num>
<content>
<p>in paragraph 2 of Schedule 2 (returns by participators), sub-paragraphs (2)(a)(iii) and (2)(b)(ii).</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-62-2">
<num>2</num>
<intro>
<p>
In the following provisions of the principal Act (which refer to the market value of stocks of oil at the end of a chargeable period) for the words “at the end” there shall be substituted
<mod>
<quotedText>“ in the last calendar month” ”</quotedText>
</mod>
</p>
</intro>
<paragraph eId="section-62-2-a">
<num>a</num>
<content>
<p>section 2(4)(b);</p>
</content>
</paragraph>
<paragraph eId="section-62-2-b">
<num>b</num>
<content>
<p>section 2(5)(d); and</p>
</content>
</paragraph>
<paragraph eId="section-62-2-c">
<num>
<noteRef href="#key-d4918d35816f4c416d9298cdcdb9101d" marker="F4" class="commentary F"/>
c
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<wrapUp>
<p>
and in the provisions specified in paragraphs (a) and (b) above for the word “then” there shall be substituted
<mod>
<quotedText>“ at the end of that period ”</quotedText>
</mod>
.
</p>
</wrapUp>
</subsection>
<subsection eId="section-62-3">
<num>3</num>
<content>
<p>In Schedule 3 to the principal Act (miscellaneous provisions relating to petroleum revenue tax) paragraphs 2, 2A and 3 (market value of oil) shall be amended in accordance with Part I of Schedule 11 to this Act; and the consequential amendments of the principal Act in Part II of that Schedule shall have effect.</p>
</content>
</subsection>
<subsection eId="section-62-3A">
<num>
<ins class="key-f3f6e686636f35a059cc1a68cfe66571-1466415048731 first">
<noteRef href="#key-f3f6e686636f35a059cc1a68cfe66571" marker="F5" class="commentary attribute F"/>
3A
</ins>
</num>
<intro>
<p>
<ins class="key-f3f6e686636f35a059cc1a68cfe66571-1466415048731">Subsection (4) applies to a participator in an oil field in any case where—</ins>
</p>
</intro>
<paragraph eId="section-62-3A-a">
<num>
<ins class="key-f3f6e686636f35a059cc1a68cfe66571-1466415048731">a</ins>
</num>
<content>
<p>
<ins class="key-f3f6e686636f35a059cc1a68cfe66571-1466415048731">paragraph 2 of Schedule 2 to the principal Act requires the participator to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), and</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-62-3A-b">
<num>
<ins class="key-f3f6e686636f35a059cc1a68cfe66571-1466415048731">b</ins>
</num>
<content>
<p>
<ins class="key-f3f6e686636f35a059cc1a68cfe66571-1466415048731 last">there are any relevant sales of Category 2 oil (as defined in subsection (6) below).</ins>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-62-4">
<num>
<ins class="substitution key-87728aab5893c5893b958e997b845ffd-1466415291780 first">
<noteRef href="#key-87728aab5893c5893b958e997b845ffd" marker="F7" class="commentary attribute F"/>
4
</ins>
</num>
<intro>
<p>
<ins class="substitution key-87728aab5893c5893b958e997b845ffd-1466415291780 last">In such a case, that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return of all relevant sales of Category 2 oil stating—</ins>
</p>
</intro>
<paragraph eId="section-62-4-a">
<num>a</num>
<content>
<p>the date of the contract of sale;</p>
</content>
</paragraph>
<paragraph eId="section-62-4-b">
<num>b</num>
<content>
<p>the name of the seller;</p>
</content>
</paragraph>
<paragraph eId="section-62-4-c">
<num>c</num>
<content>
<p>the name of the buyer;</p>
</content>
</paragraph>
<paragraph eId="section-62-4-d">
<num>d</num>
<content>
<p>
the quantity of
<ins class="substitution key-f2b14087e0a79eaea5bc1327d70ec1c5-1466415510165 first last">
<noteRef href="#key-f2b14087e0a79eaea5bc1327d70ec1c5" marker="F8" class="commentary attribute F"/>
Category 2 oil
</ins>
actually sold and, if it is different, the quantity of
<ins class="substitution key-f2b14087e0a79eaea5bc1327d70ec1c5-1466415533690 first last">
<noteRef href="#key-f2b14087e0a79eaea5bc1327d70ec1c5" marker="F8" class="commentary attribute F"/>
Category 2 oil
</ins>
contracted to be sold;
</p>
</content>
</paragraph>
<paragraph eId="section-62-4-e">
<num>e</num>
<content>
<p>
the price receivable for that
<ins class="substitution key-b61d47ccc4e4e903f663adb102a71664-1466415599569 first last">
<noteRef href="#key-b61d47ccc4e4e903f663adb102a71664" marker="F9" class="commentary attribute F"/>
Category 2 oil
</ins>
;
</p>
</content>
</paragraph>
<paragraph eId="section-62-4-f">
<num>f</num>
<content>
<p>
the date which, under the contract, was the date or, as the case may be, the latest date for delivery of the
<ins class="substitution key-97e2659ebeca982c1fdc3a0c7a2ebe5d-1466415655620 first last">
<noteRef href="#key-97e2659ebeca982c1fdc3a0c7a2ebe5d" marker="F10" class="commentary attribute F"/>
Category 2 oil
</ins>
and the date on which the
<ins class="substitution key-97e2659ebeca982c1fdc3a0c7a2ebe5d-1466415733713 first last">
<noteRef href="#key-97e2659ebeca982c1fdc3a0c7a2ebe5d" marker="F10" class="commentary attribute F"/>
Category 2 oil
</ins>
was actually delivered; and
</p>
</content>
</paragraph>
<paragraph eId="section-62-4-g">
<num>g</num>
<content>
<p>such other particulars as the Board may prescribe.</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-62-5">
<num>5</num>
<content>
<p>
Where two or more companies which are participators in the same oil field are members of the same group of companies, within the meaning of section
<ins class="d29p1747 first last">
<noteRef href="#c11287061" marker="F1" class="commentary attribute F"/>
413
</ins>
of the Taxes Act, a return made for the purposes of subsection (4) above by one of them and expressed also to be made on behalf of the other or others shall be treated for the purposes of this section as a return made by each of them.
</p>
</content>
</subsection>
<subsection eId="section-62-6">
<num>6</num>
<intro>
<p>
For the purposes of the return required by subsection (4) above from a participator in an oil field, a relevant sale of
<ins class="substitution key-ab9959e4210fd773aebc8ae3405ade49-1466415840121 first last">
<noteRef href="#key-ab9959e4210fd773aebc8ae3405ade49" marker="F11" class="commentary attribute F"/>
Category 2 oil
</ins>
is a contract for the sale of
<ins class="substitution key-ab9959e4210fd773aebc8ae3405ade49-1466415866267 first last">
<noteRef href="#key-ab9959e4210fd773aebc8ae3405ade49" marker="F11" class="commentary attribute F"/>
Category 2 oil
</ins>
<ins class="d29p1757 first last">
<noteRef href="#c11287071" marker="F2" class="commentary attribute F"/>
at arm’s length
</ins>
to which the participator or any company which is resident in the United Kingdom and associated with the participator for the purposes of section 115(2) of the
<noteRef href="#c11287081" marker="M1" class="commentary M"/>
Finance Act 1984 is a party (as seller, buyer or otherwise), being a sale of
<ins class="substitution key-ab9959e4210fd773aebc8ae3405ade49-1466415896640 first last">
<noteRef href="#key-ab9959e4210fd773aebc8ae3405ade49" marker="F11" class="commentary attribute F"/>
Category 2 oil
</ins>
</p>
</intro>
<paragraph eId="section-62-6-a">
<num>a</num>
<content>
<p>
for delivery at any time during the chargeable period referred to in
<ins class="substitution key-bab9b15cf3d38e9de52534ea0ec5bf62-1466416034498 first last">
<noteRef href="#key-bab9b15cf3d38e9de52534ea0ec5bf62" marker="F12" class="commentary attribute F"/>
subsection (3A)
</ins>
above; and
</p>
</content>
</paragraph>
<paragraph eId="section-62-6-b">
<num>
<ins class="d29p1769 first">
<noteRef href="#c11287091" marker="F3" class="commentary attribute F"/>
b
</ins>
</num>
<content>
<p>
<ins class="d29p1769 last">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</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-62-6-c">
<num>c</num>
<content>
<p>
which is for the delivery of at least 500 metric tonnes of
<ins class="substitution key-d60036d9424d4057c82d0a848c2282f9-1466416121858 first last">
<noteRef href="#key-d60036d9424d4057c82d0a848c2282f9" marker="F13" class="commentary attribute F"/>
Category 2 oil
</ins>
;
<noteRef href="#key-917be22336cf840810411594588dc2ca" marker="F14" class="commentary F"/>
...
</p>
</content>
</paragraph>
<paragraph eId="section-62-6-d">
<num>
<noteRef href="#key-917be22336cf840810411594588dc2ca" marker="F14" class="commentary F"/>
d
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-62-7">
<num>7</num>
<intro>
<p>A return under subsection (4) above shall be in such form as the Board may prescribe and shall include a declaration that the return is correct and complete; and if a participator fails to deliver a return under that subsection he shall be liable—</p>
</intro>
<paragraph eId="section-62-7-a">
<num>a</num>
<content>
<p>to a penalty not exceeding £500; and</p>
</content>
</paragraph>
<paragraph eId="section-62-7-b">
<num>b</num>
<content>
<p>
if the failure continues after it has been declared by the court or the
<ins class="substitution key-7e6e0f105339928bcb574d14fe474a0f-1466417218667 first last">
<noteRef href="#key-7e6e0f105339928bcb574d14fe474a0f" marker="F15" class="commentary attribute F"/>
tribunal before which
</ins>
proceedings for the penalty have been commenced, to a further penalty not exceeding £100 for each day on which the failure so continues;
</p>
</content>
</paragraph>
<wrapUp>
<p>except that a participator shall not be liable to a penalty under this subsection if the failure is remedied before proceedings for the recovery of the penalty are commenced.</p>
</wrapUp>
</subsection>
<subsection eId="section-62-8">
<num>8</num>
<content>
<p>Where a participator fraudulently or negligently delivers an incorrect return under subsection (4) above, he shall be liable to a penalty not exceeding £2,500 or, in the case of fraud, £5,000.</p>
</content>
</subsection>
<subsection eId="section-62-8A">
<num>
<ins class="key-945323a3d489afc667d8cfc1f7c042fa-1466415125967 first">
<noteRef href="#key-945323a3d489afc667d8cfc1f7c042fa" marker="F6" class="commentary attribute F"/>
8A
</ins>
</num>
<content>
<p>
<ins class="key-945323a3d489afc667d8cfc1f7c042fa-1466415125967 last">For provision about the meaning of “Category 2 oil”, see paragraph 2 of Schedule 3 to the principal Act (which applies by virtue of section 72(6) below).</ins>
</p>
</content>
</subsection>
<subsection eId="section-62-9">
<num>9</num>
<content>
<p>This section has effect with respect to chargeable periods ending after 31st December 1986.</p>
</content>
</subsection>
</section>
</part>
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