SCHEDULES

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

Part 4Amendments of other enactments

Finance Act 1999

Qualifying assets

Qualifying assets

12

1

Section 98 of the Finance Act 1999 (c. 16) is amended as follows.

2

After the words “tariff receipts”, in each place where they occur, insert “ , tax-exempt tariffing receipts ”.

3

After subsection (6) insert—

6A

In relation to tax-exempt tariffing receipts, any reference in this section—

a

to being attributable to a field for a period, or

b

to being referable to an asset,

shall be construed as if tax-exempt tariffing receipts were tariff receipts (and expenditure were or had been allowable accordingly).