- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Finance Act 1976, Section 130.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Schedule 2 to the Oil Taxation Act 1975 (management and collection) shall be amended as follows.
(2)In paragraph 12(1), after paragraph (c) there shall be inserted “or
(d)that for any chargeable period they ought to have made an assessment to tax instead of a determination of loss or a determination of loss instead of an assessment to tax;”
and for the words “adjustments in assessments or determinations" there shall be substituted the words “assessments or determinations or amendments of assessments or determinations".
(3)After paragraph 12(2) there shall be inserted—
“(3)Where under this paragraph the Board make an assessment or determination or amend an assessment or determination they shall give notice thereof to the participator concerned; and sub-paragraphs (4), (5) and (6) of paragraph 10 above shall apply in relation to any such assessment, determination or amendment as they apply in relation to an assessment or determination under that paragraph.”
(4)In paragraph 14(1) after the words “an assessment or determination" there shall be inserted the words “or an amendment of an assessment or determination" and at the end there shall be inserted the words “or of the notice of the amendment".
(5)In paragraph 14(9), in paragraph (a), for the words “or determination" there shall be substituted the words “, determination or amendment" and for the words from “on the adjustments" onwards there shall be substituted the words “on how the assessment, determination, amendment or decision should be varied or on what assessment or determination should be substituted in relation to the chargeable period in question, the same consequences shall ensue as if the Commissioners had determined the appeal to that effect."
(6)For paragraph 14(10) there shall be substituted—
“(10)If, on the appeal, it appears to a majority of the Commissioners present at the hearing that the assessment, determination or amendment is wrong—
(a)because no, or a smaller, assessable profit or a, or a larger, allowable loss has accrued for the chargeable period in question; or
(b)because a, or a larger, assessable profit or no, or a smaller, allowable loss has accrued for that period,
the Commissioners shall vary the assessment, determination or amendment in such manner, or substitute such assessment or determination, as may be required; and it shall be for the participator to satisfy the Commissioners as to any matter within paragraph (a) above.”
(7)In paragraph 14(11) for the words “the determination of the Special Commissioners in any proceedings" there shall be substituted the words “the determination by the Special Commissioners of any appeal".
Modifications etc. (not altering text)
C1The text of s. 130 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: