Part 6Oil

Petroleum revenue tax

106Returns of relevant sales of oil

1

Section 62 of FA 1987 (returns of relevant sales of oil) is amended as follows.

2

After subsection (3) insert—

3A

Subsection (4) applies to a participator in an oil field in any case where—

a

paragraph 2 of Schedule 2 to the principal Act requires the participator to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), and

b

there are any relevant sales of Category 2 oil (as defined in subsection (6) below).

3

In subsection (4), for the words before paragraph (a) substitute—

4

In such a case, that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return of all relevant sales of Category 2 oil stating—

4

In subsection (4), in paragraphs (d), (e) and (f), for “oil” (in each place) substitute “ Category 2 oil ”.

5

In subsection (6)—

a

in the words before paragraph (a), for “oil”, in each place except in the expression “oil field”, substitute “ Category 2 oil ”,

b

in paragraph (a), for “subsection (4)” substitute “ subsection (3A) ”,

c

in paragraph (c), for “oil” substitute “ Category 2 oil ”, and

d

omit paragraph (d) and the “and” before it.

6

After subsection (8) insert—

8A

For provision about the meaning of “Category 2 oil”, see paragraph 2 of Schedule 3 to the principal Act (which applies by virtue of section 72(6) below).

7

The amendments made by this section have effect in relation to chargeable periods ending on or after 30 June 2008.