Part 1 Amendments of the Oil Taxation Act 1975
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 18 Oil Taxation: Market Value of Oil

Section 146

Part 1 Amendments of the Oil Taxation Act 1975

Introductory

1

OTA 1975 is amended as follows.

Assessable profits and allowable losses

2

(1)     Section 2 is amended as follows.

(2)     In subsection (4)(b) (one-half of the market value in the last calendar month of the preceding period) for “in the last calendar month†substitute “on the last business dayâ€.

(3)     In subsection (5)(d) (one-half of the market value in the last calendar month of the period) for “in the last calendar month†substitute “on the last business dayâ€.

(4)     In subsection (5A), in the opening words, after “or another country†insert “, or from its place of extraction (where that is in the territorial sea of the United Kingdom or a designated area),â€.

(5)     In subsection (9)(a)(i) (5% provisional allowance: deliveries)—

(a)     for “in the calendar month in which the delivery was made†substitute “as determined in accordance with Schedule 3 to this Act for each of the deliveriesâ€;

(b)     for “Schedule 3 to this Act†substitute “that Scheduleâ€.

(6)     In subsection (9)(a)(ii) (5% provisional allowance: relevant appropriations)—

(a)     for “in the calendar month

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