The Oil Taxation (Market Value of Oil) Regulations 2006
Introduction
1Citation, commencement and effect
2Interpretation
3Category 1 oil
4Interpretation – reports and factors used in calculations
Scope
5General scope of these Regulations
Valuing Category 1 oil
6General
7The notional delivery day: the general rule
8The notional delivery day: additional rule
9The average reference value: notional delivery day one for which reference values available
10The average reference value: notional delivery day a Saturday, or a Bank Holiday which is not a Monday, and for which reference values not available
11The average reference value: notional delivery day a Sunday, or a Bank Holiday which is a Monday
12The average reference value: additional provisions
13The adjustment factors — general
14Adjustment factor — Brent blend
15Adjustment factor — other Category 1 oil
16The total market value of the oil
Valuing Category 2 oils
17Market value: Category 2 oils
18Method 1
19Method 2: general
20Finding the relevant reference oils for the Category 2 oil in question
21Finding the average marker crude price
22Adjusting the average marker crude price
23Total value of the Category 2 oil sold or relevantly appropriated
24Special rules

2006 No. 3313

corporation tax
petroleum revenue tax

The Oil Taxation (Market Value of Oil) Regulations 2006

Made

Coming into force in accordance with regulation 1(1)

A draft of these Regulations was laid before the House of Commons in accordance with paragraph 10 of Schedule 3 to the Oil Taxation Act 19751.

The draft was approved by a resolution of that House.

Accordingly, the Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by section 21(2) of, and paragraph 2(1B), (1C), (2E) and (2F) of Schedule 3 to that Act, 2 and section 147(4) and (7) of the Finance Act 20063.