Part 7Miscellaneous

Petroleum revenue tax

103Tax-exempt tariffing receipts

1

Section 6A of the Oil Taxation Act 1983 (c. 56) (tax-exempt tariffing receipts) is amended as follows.

2

In subsection (4), insert at the end

or

c

use in relation to a UK recommissioned field (see subsection (5) below) or oil won from such a field.

3

In subsection (5), insert at the end—

“UK recommissioned field” means any oil field which is not a new field or qualifying existing field but as respects which the conditions in section 185(1A) of the Finance Act 1993 are satisfied (fields recommissioned after earlier decommissioning).

4

The amendments made by this section are deemed to have come into force on 1st July 2007.