SCHEDULE 18Oil taxation: market value of oil
Part 1Amendments of the Oil Taxation Act 1975
Assessable profits and allowable losses
2
(1)
Section 2 is amended as follows.
(2)
In subsection (4)(b)
(one-half of the market value in the last calendar month of the preceding period) for “in the last calendar month” substitute “
on the last business day
”
.
(3)
In subsection (5)(d)
(one-half of the market value in the last calendar month of the period) for “in the last calendar month” substitute “
on the last business day
”
.
(4)
In subsection (5A), in the opening words, after “or another country” insert “
, or from its place of extraction (where that is in the territorial sea of the United Kingdom or a designated area),
”
.
(5)
In subsection (9)(a)(i) (5% provisional allowance: deliveries)—
(a)
for “in the calendar month in which the delivery was made” substitute “
as determined in accordance with Schedule 3 to this Act for each of the deliveries
”
;
(b)
for “Schedule 3 to this Act” substitute “
that Schedule
”
.
(6)
In subsection (9)(a)(ii) (5% provisional allowance: relevant appropriations)—
(a)
for “in the calendar month in which the appropriation was made” substitute “
as determined in accordance with Schedule 3 to this Act for each of the appropriations
”
;
(b)
for “Schedule 3 to this Act” substitute “
that Schedule
”
.