Prospective
18U.K.After paragraph 14 insert—
“Instalments of petroleum revenue taxU.K.
14A(1)An instalment of petroleum revenue tax payable under paragraph 2 of Schedule 19 to FA 1982 (payment for tax) carries late payment interest until the earlier of—
(a)the date on which the instalment is paid, and
(b)the date falling two months after the end of the chargeable period in respect of which the instalment is due.
(2)An instalment which remains unpaid after the date mentioned in sub-paragraph (1)(b) carries interest as an amount payable on account under section 1 of PRTA 1980.
(3)For the purposes of determining the date on which an overdue instalment is paid, a payment on account of one or more such instalments is to be attributed, so far as possible, to the earliest month for which an instalment is overdue.”