SCHEDULE 39 PRT: Blended Oil
Finance Act 2009 (2009 c 10) | Legislation

SCHEDULE 39 PRT: Blended Oil

Section 85

1

Part 5 of FA 1987 (oil taxation) is amended as follows.

2

For section 63 (blends of oil from two or more fields) substitute—

“63 Blends of oil from two or more fields

(1)     This section applies if, at any time before its disposal or relevant appropriation, oil won from an oil field (“the relevant fieldâ€) in a chargeable period (“the relevant periodâ€) is mixed with oil won from one or more other oil fields.

(2)     A relevant participator's share of oil won from the relevant field in the relevant period is to be taken to be the amount of the blended oil that it is just and reasonable (for the purposes of the oil taxation legislation) to allocate to the participator in respect of the relevant period.

(3)     In making the allocation regard must be had (in particular) to the quantity and quality of the oil derived from each of the originating fields.

(4)     If the participators in the originating fields select a method for making the allocation, that method is to be used to determine that allocation.

(5)     But that is subject

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