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Finance Act 1994
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- UK Public General Acts
- 1994 c. 9
- SCHEDULE 23
- Paragraph 3
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Finance Act 1994, Paragraph 3 is up to date with all changes known to be in force on or before 15 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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3(1)In Schedule 3 (miscellaneous provisions relating to PRT), in paragraph 2 (definition of market value of oil)—U.K.
(a)at the beginning of sub-paragraph (1) there shall be inserted the words “ Except in the case of light gases ”; and
(b)at the end of that sub-paragraph there shall be added the words “ and, accordingly, references in the following provisions of this paragraph to oil do not apply to light gases ”.
(2)In paragraph 2A of that Schedule (definition of market value of oil consisting of or including gas), after sub-paragraph (1) there shall be inserted the following sub-paragraph—
“(1A)Sub-paragraphs (2) and (3) below also apply where the market value of any light gases falls to be ascertained under paragraph 3A below.”
(3)In sub-paragraph (2) of paragraph 2A, after the words “paragraph 2 above”, in each place where they occur, there shall be inserted “ or, as the case may require, sub-paragraph (2)(b) of paragraph 3A below ”.
(4)In sub-paragraph (3) of paragraph 2A, after the words “paragraph 2”, in the first place where they occur, there shall be inserted “ or, as the case may require, in accordance with paragraph 3A below ”.
(5)Sub-paragraph (4) of paragraph 2A shall be omitted.
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