Part 7Miscellaneous

Petroleum revenue tax

104Allowance of unrelievable loss from abandoned field

1

In section 6 of the Oil Taxation Act 1975 (c. 22) (allowance of unrelievable loss from abandoned field), after subsection (4) insert—

4A

For the purposes of this section and Schedule 8 to this Act, the winning of oil from an oil field shall not be regarded as having permanently ceased until all the oil wells in the field have been permanently abandoned.

2

The amendment made by subsection (1) is deemed to have come into force on 1st July 2007.