Part III Miscellaneous and General

Petroleum revenue tax

74 Oil exported direct from United Kingdom off-shore fields.

1

The enactments specified in Schedule 15 to this Act (being enactments relating to oil taxation) shall have effect subject to the amendments in that Schedule, being amendments—

a

which take account, for the purpose of determining assessable profits and allowable losses, of certain cases where oil which is won from an off-shore oil field is, or could reasonably be expected to be, first landed in a country other than the United Kingdom; or

b

which are consequential upon, or incidental to, the amendments referred to in paragraph (a) above.

2

For the purposes of subsection (1)(a) above an oil field is an off-shore oil field if the whole of it is situated outside the geographical area of the United Kingdom (as determined under section 108 of the M1Finance Act 1986 - the on-shore/off-shore boundary).

3

In the amendments in Schedule 15 to this Act, any reference to a country other than the United Kingdom shall be treated as a reference to the geographical area of that country exclusive of any land (or waters) to the seaward side of the high-water line along the coast of that country, including the coast of all islands comprised in that country.

4

For the purpose of subsection (3) above, section 108(5) of the M2Finance Act 1986 (which provides a means of determining the high-water line at any place in the United Kingdom) shall, with any necessary modifications, apply to determine the high-water line at any place in a country other than the United Kingdom.

5

Except in so far as they have effect in relation to corporation tax or income tax, the amendments in Schedule 15 to this Act take effect as follows—

a

in so far as they relate to expenditure incurred, they take effect for claim periods ending after 27th November 1991; and

b

in so far as they relate to any other matter, they take effect for chargeable periods ending after 30th June 1992.

6

This section shall be construed as one with Part I of the M3Oil Taxation Act 1975.