Finance Act 2006

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)”.