SCHEDULES

SCHEDULE 37Oil taxation: tax-exempt tariffing receipts and assets producing them

Part 1Amendments of the Oil Taxation Act 1983 relating to allowable expenditure and disposal receipts

Brought-in assets

7

(1)

In Part 2 of Schedule 1, paragraph 7 is amended as follows.

(2)

In sub-paragraph (1)(c) (use of asset otherwise than in connection with a taxable field between acquisition etc and first use in connection with oil field)—

(a)

after “was used” insert “ (i) ”;

(b)

after “otherwise than in connection with a taxable field,” insert “ or ”;

(c)

after the word “or” so inserted, insert the following sub-paragraph—

“(ii)

in connection with a taxable field in a way that gives rise to tax-exempt tariffing receipts,”.