SCHEDULES
SCHEDULE 18Oil taxation: market value of oil
Part 1Amendments of the Oil Taxation Act 1975
Gas fractionation
8
1
In Schedule 3 (petroleum revenue tax: miscellaneous provisions) paragraph 2A (market value of oil that consists of or includes gas) is amended as follows.
2
In sub-paragraph (1)—
a
for “(2D)” substitute “
(2I)
”
;
b
omit “, or in accordance with those sub-paragraphs as modified by sub-paragraph (3) of that paragraph,”.
3
In sub-paragraph (2)—
a
for the words from the beginning to “paragraph 2 above” where first occurring substitute “
Sub-paragraph (2)(d) or (as the case may be)
(2AA)(d) of paragraph 2 above
”
;
b
after “in sub-paragraph (2)” insert “
or (2AA)
”
.
4
In sub-paragraph (3)—
a
after “in sub-paragraph (2)” insert “
or (2AA)
”
,
b
for “(2D)” substitute “
(2I)
”
;
c
omit “(with sub-paragraphs (2)(f) of paragraph 2 applying accordingly)”.