Finance Act 1999

102 PRT returns. U.K.

(1) In paragraph 2 of Schedule 2 to the M1 Oil Taxation Act 1975 (returns by participators)—

(a) in sub-paragraph (1) (returns must be delivered within two months of the end of a chargeable period), after “the period” there shall be inserted “ or within such longer period as the Board may allow ”; and

(b) after sub-paragraph (4) there shall be inserted the following sub-paragraph—

“(5) The power of the Board to allow an extension of time under sub-paragraph (1) above shall include power—

(a) to allow an extension for an indefinite period; and

(b) to provide for the period of any extension to end at such time as may be stipulated in a notice given by the Board.”

(2) In paragraph 5 of that Schedule (returns by the responsible person)—

(a) in sub-paragraph (1) (returns must be delivered within one month of the end of a chargeable period), after “the period” there shall be inserted “ or within such longer period as the Board may allow ”; and

(b) after sub-paragraph (3) there shall be inserted the following sub-paragraph—

“(4) The power of the Board to allow an extension of time under sub-paragraph (1) above shall include power—

(a) to allow an extension for an indefinite period; and

(b) to provide for the period of any extension to end at such time as may be stipulated in a notice given by the Board.”

(3) After paragraph 12 of that Schedule there shall be inserted the following paragraph—

“12A (1) Where—

(a) the Board has extended the period for the delivery of any return that is required under paragraph 2 of this Schedule to be delivered for any chargeable period, and

(b) the relevant time falls more than one year after the end of the chargeable period,

the period within which the Board may make an assessment under this Schedule for that chargeable period shall not expire before the end of the period of five years beginning with the relevant time.

(2) In this paragraph “the relevant time” means the earlier of—

(a) the time which, as a result of the extension, is the latest time for the delivery of the return; and

(b) the time when the return is delivered.”

(4) In paragraph 2 of Schedule 5 to that Act, after sub-paragraph (6) there shall be inserted the following sub-paragraphs—

“(7) Where—

(a) the claim period in which any expenditure allowable under section 3 or 4 of this Act for an oil field is incurred coincides with or includes a chargeable period, and

(b) the Board has extended the period for the delivery of the return that is required under paragraph 5 of Schedule 2 to this Act to be delivered for that chargeable period by the responsible person, and

(c) the relevant time falls more than four years after the end of the claim period,

sub-paragraph (1) above shall have effect as if the reference to six years after the end of the claim period in which the expenditure is incurred were a reference to two years after the relevant time.

(8) In sub-paragraph (7) above “the relevant time” means the earlier of—

(a) the time which, as a result of the extension mentioned in that sub-paragraph, is the latest time for the delivery of the return there mentioned; and

(b) the time when that return is delivered.”

(5) In the Table in paragraph 2 of Schedule 6 to that Act (application of provisions of Schedule 5 to claims under Schedule 6), after the entry relating to paragraph 2(6) of Schedule 5 there shall be inserted the following entries—

“2(7)	For the reference to paragraph 5 of Schedule 2 to this Act substitute a reference to paragraph 2 of that Schedule; for the reference to paragraph 2(1) of Schedule 5 to this Act substitute a reference to paragraph 1(2) of this Schedule.
2(8)”

(6) In subsection (4) of section 62 of the M2 Finance Act 1987 (returns relating to sales of oil), for the words from the beginning to “additional return” there shall be substituted—

“(4) In any case where paragraph 2 of Schedule 2 to the principal Act requires a participator in any oil field to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return”.

(7) In subsection (6) of that section, for paragraph (b) (return under subsection (4) not to include details included in return under paragraph 2 of Schedule 2 to the principal Act) there shall be substituted the following paragraph—

“(b) details of which are not included in a return for the period under paragraph 2 of Schedule 2 to the principal Act which is delivered to the Board at the same time as the return required by subsection (4) above or which was delivered to them previously; and”.

(8) The preceding provisions of this section apply in relation to chargeable periods ending on or after 30th June 1999.

Marginal Citations

M1 1975 c.22.

M2 1987 c.16.