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The Petroleum (Production) (Landward Areas) Regulations 1995
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- UK Statutory Instruments
- 1995 No. 1436
- SCHEDULE 3
- Paragraph 10
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Changes and effects yet to be applied to Schedule 3 Paragraph 10:
- Regulations modified in pt. by S.I. 2015/766 reg. 3
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 3(1A) inserted by 2016 c. 11 s. 48(24)
- reg. 3(1A) words inserted by S.I. 2018/980 reg. 3(3)
- reg. 12 inserted by S.I. 2016/912 reg. 6(8)
Royalty paymentsU.K.
10.—(1) The Licensee shall pay to the Minister, in respect of each half year in which this licence is in force (hereafter referred to as a “chargeable period”), a royalty of an amount equal to the sum of the percentages specified in Schedule 3 to this licence (hereinafter referred to as “the appropriate percentage”) of the value of the petroleum relating to that period.
(2) For the purposes of this clause and clause 11 of this licence the value of the petroleum relating to a chargeable period is, subject to paragraph (3) of this clause, the total of the amounts which, if the words “one-half or” were omitted from paragraph (b) of subsection (4) and paragraph (d) of subsection (5) of section 2 of the Oil Taxation Act 1975, would in pursuance of paragraph (a) of the said subsection (4) fall to be taken into account in relation to that period in respect of the persons who by reference to this licence are or are treated as participators for the purposes of those subsections, reduced by the total of the market values which would in pursuance of the said paragraph (b) fall to be taken into account as aforesaid.
(3) The value which, in pursuance of paragraph (2) of this clause, is the value of the petroleum relating to a chargeable period shall be increased by an amount equal to the value, as determined for the purposes of income tax or the charge of corporation tax on income, of so much of the petroleum won and saved in the licensed area as falls within section 10(1) of the Oil Taxation Act 1975 and was in that period disposed of or relevantly appropriated (within the meaning of Part I of that Act) by the persons mentioned in the said paragraph (2).
Commencement Information
I1Sch. 3 clause 10 in force at 30.6.1995, see reg. 1
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