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.