- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Oil Taxation (Market Value of Oil) Regulations 2006 No. 3313
This draft replaces that laid on 21st November 2006.
Draft Regulations laid before the House of Commons under paragraph 10 of Schedule 3 to the Oil Taxation Act 1975, for approval by resolution of that House.
Draft Statutory Instruments
petroleum revenue tax
Coming into force in accordance with regulation 1(1)
A draft of these Regulations was laid before the House of Commons in accordance with paragraph 10 of Schedule 3 to the Oil Taxation Act 1975(1).
The draft was approved by a resolution of that House.
Section 21(2) is cited because of the definition of “the Board”. The functions of the Commissioners of Inland Revenue (“the former Commissioners”) were transferred to the Commissioners for Her Majesty’s Revenue and Customs (“the new Commissioners”) by section 5 of the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 50 of that Act provides that a reference in any other enactment to the former Commissioners is to be construed, in so far as is appropriate in consequence of section 5 of the 2005 Act, as a reference to the new Commissioners. Paragraph 2 of Schedule 3 is amended by subsections (2) to (10) of section 146 of the Finance Act 2006.
Section 147(4) is cited because of the definition of “the first new period”, which is relevant to the power contained in section 147(7) exercised in the making of these Regulations.
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.