Details of the Schedule
The Oil Taxation Act (OTA) 1975
2.Paragraph 1 removes the provision for allowing a participator to spread “supplemented” expenditure giving relief for up to 20 chargeable periods and the provision for allowing companies to claim certain expenditure incurred before the introduction of PRT.
3.Sub-paragraphs (2) and (3) amend Schedule 3 to OTA 1975 by omitting paragraphs 9 and 10 which allow participators to spread the relief they get for certain costs (supplemented expenditure) over a number of chargeable periods.
4.Sub-paragraph (4) amends Schedule 4 to OTA 1975 by omitting paragraph 3. This provision allowed companies to claim certain expenditure incurred before the introduction of PRT. Since such expenditure is subject to a six year time limit the legislation is no longer required.
Ota 1983
5.Paragraph 2 removes an alternative formula for calculating tariff receipts allowance from OTA 1983.
6.Sub-paragraph (2) omits section 9(3) and paragraph 3 of Schedule 3 to OTA 1983. This applies an alternative formula for calculating tariff receipts allowance for chargeable periods ending on or before 30 June 1987 and is thus no longer required.
7.Sub-paragraph (3) removes the now redundant references to subsection (3) that appear elsewhere in section 9.
8.Sub-paragraph (4) omits sections 13 and 14 of, and Schedule 5 to OTA 1983 (transitional provision for expenditure incurred on or before 31 December 1983) as these rules are no longer applicable.
Finance Act (FA) 1993
9.Paragraph 3 addresses a renumbering issue in FA 1993.
The Income and Corporation Taxes Act 1988 (ICTA)
10.Paragraph 4 amends the ring fence corporation tax (CT) legislation to fully align the definition of a consortium, for the purposes of determining whether or not companies are associated, with the general CT definition.
