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Finance Act 2015

Details of the Section

2.Subsection (1) amends OTA 1975.

3.Subsections (2) and (4) reduce the rate of petroleum revenue tax from 50% to 35% for chargeable periods ending after 31 December 2015.

4.Subsection (3) provides a consequential amendment to the cap on interest carried on a repayment of petroleum revenue tax for periods subject to the lower rate. This subsection reduces the relevant percentage from 60% to 45% for periods ending after 31 December 2015.

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