- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)For the purpose of giving relief from double taxation in relation to petroleum revenue tax in respect of the amount or value of consideration which is brought into charge to tax under section 12 of the 1983 Act (charge of receipts attributable to United Kingdom use of foreign field assets), section 788 of the Taxes Act 1988 (relief by agreement with other countries) shall have effect as if—
(a)references therein to income tax included references to petroleum revenue tax; and
(b)references therein to income included references to any such consideration.
(2)Section 788 of the Taxes Act 1988, as it has effect in accordance with subsection (1) above, shall apply with respect to any arrangements which—
(a)are set out in an Order in Council made, or having effect as if made, under that section before as well as after the passing of this Act; and
(b)include petroleum revenue tax as a tax to which the arrangements apply.
(3)In the application of section 788 of the Taxes Act 1988 in accordance with the preceding provisions of this section—
(a)paragraphs (b) to (d) of subsection (3),
(b)subsections (4), (5) and (7), and
(c)in subsection (6) the words from “Except” to “this Part”,
shall be omitted.
(4)In relation to a claim for relief under section 788 of the Taxes Act 1988 which is made by virtue of this section, sections 42 and 43 of the [1970 c. 9.] Taxes Management Act 1970 shall have effect with the following modifications—
(a)for any reference to income tax there shall be substituted a reference to petroleum revenue tax;
(b)any reference to income shall be construed as a reference to such consideration as is referred to in subsection (1) above;
(c)for any reference to a year of assessment there shall be substituted a reference to a chargeable period within the meaning of the principal Act; and
(d)any reference to a chargeable period shall be construed as a reference to a chargeable period within the meaning of the principal Act.
(5)Section 816 of the Taxes Act 1988 (disclosure of information) shall apply in relation to petroleum revenue tax as it applies in relation to income tax.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: