Part IV Petroleum Revenue Tax

147 Removal of time limits for claims for unrelievable field losses.

1

In Schedule 8 to the M1Oil Taxation Act 1975 (procedural provisions as to allowance of unrelievable field losses), in paragraph 4 (claims)—

a

in sub-paragraph (1) (which requires a participator to make a claim to the Board within a time limit), for the words from “and must be made” to “that is to say” there shall be substituted “ at any time after ” and the words from “and the date” to the end of the sub-paragraph shall be omitted; and

b

in sub-paragraph (2) the words “within the time allowed for making the original claim” shall be omitted.

2

This section applies to claims made on or after the day on which this Act is passed.