146 New basis for determining the market value of oil
Finance Act 2006 (2006 c 25) | Legislation

Part 5 Oil

New basis for determining market value

146  New basis for determining the market value of oil

(1)     In OTA 1975, in Schedule 3 (petroleum revenue tax: miscellaneous provisions) before paragraph 2 (definition of market value of oil) insert—

“Determination of market value: the notional delivery day for a quantity of oil
1A

(1)     This paragraph has effect for determining, for the purposes of this Schedule, the day which is the “notional delivery day” in the case of any particular quantity of oil of any particular kind whose market value falls to be determined in accordance with the provisions of this Schedule in the case of any chargeable period.

(2)     The notional delivery day need not be a day in the chargeable period.

(3)     In the case of a quantity of oil which, at the end of the chargeable period,—

(a)     has neither been disposed of nor relevantly appropriated in the period, or

(b)     has been disposed of but not delivered in the period,

the notional delivery day is the last business day of the chargeable period.

(4)     In the case of—

(a)     a quantity of oil won and disposed of which

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