2007 No. 1454
corporation tax
oil tax

The Oil Taxation (Nomination Scheme for Disposals) (Amendment) Regulations 2007

Made
Laid before the House of Commons
Coming into force
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by sections 61(8) of, and paragraph 1(1) of Schedule 10 to, the Finance Act 19871, and now exercisable by them2.

Citation and commencement

1.

These Regulations may be cited as the Oil Taxation (Nomination Scheme for Disposals) (Amendment) Regulations 2007 and shall come into force on 8th June 2007.

Amendment of the Oil Taxation (Nomination Scheme for Disposals) Regulations 1987

2.

The Oil Taxation (Nomination Scheme for Disposals) Regulations 19873 are amended as follows.

3.

In regulation 2A4 (excluded oil)—

(a)

in paragraph (1) after “Brent-Forties-Oseberg forward contract” insert “or a Brent-Forties-Oseberg-Ekofisk forward contract”

(b)

after paragraph (2) insert—

“(3)

In paragraph (1) “a Brent-Forties-Oseberg-Ekofisk forward contract” means a contract which provides for settlement, at least 21 days after the date on which it is made, by the delivery of a volume of oil comprising, at the seller’s election, Brent blend, Forties blend or oil of Oseberg grade or oil of Ekofisk blend, or a cash payment.”

Paul Gray
Mike Eland
Two Commissioners of Her Majesty’s Revenue and Customs
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend the Oil Taxation (Nomination Scheme for Disposals) Regulation 1987 (S.I. 1987/1338 as amended) to extend the scope of the nominations scheme under section 61 of the Finance Act 1987 (c. 16) to include Brent-Forties-Oseberg-Ekofisk forward contracts.

This amendment falls within the scope of a full regulatory impact assessment that was prepared by HM Revenue and Customs in respect of Part 5 of the Finance (No.2) Bill of the 2005-06 session and was published on 22nd March 2006. That Bill received Royal Assent as the Finance Act 2006.