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Oil Taxation Act 1975

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2(1)Every participator in [F1a taxable field]shall, for each chargeable period, prepare and, within two months after the end of the period [F2or within such longer period as the Board may allow], deliver to the Board a return complying with the following provisions of this paragraph; but nothing in this sub-paragraph shall require a participator to deliver a return under this paragraph before 31st August 1975.E+W+S+N.I.

(2)A return under this paragraph for a chargeable period shall give the following information in relation to oil which is or was included in the participator’s share of any oil won from [F1the taxable field] (whether or not in that period), that is to say—

(a)in the case of each delivery (other than one made before 13th November 1974) in the period of oil disposed of by him crude (other than oil delivered as mentioned in (c) of this sub-paragraph), the return shall—

(i)state the quantity of oil delivered;

(ii)state the person to whom the oil was disposed of;

(iii)in the case of oil disposed of in a sale at arm’s length, state the price received or receivable for the oil or, in the case of oil disposed of otherwise than in a sale at arm’s length, state the market value of the oil [F3at the material time] in the calendar month in which the delivery was made [F4or (in the case of light gases) the market value as determined in accordance with paragraph 3A of Schedule 3 to this Act]; and

(iv)contain such other particulars of or relating to the disposal as the Board may prescribe;

(b)in the case of each relevant appropriation of crude oil (other than one made before 13th November 1974) in the period (not being oil disposed of by him), the return shall—

(i)state the quantity of oil appropriated;

(ii)state the market value of the oil [F3at the material time] in the calendar month in which the appropriation was made [F5or (in the case of light gases) the market value as determined in accordance with paragraph 3A of Schedule 3 to this Act]; and

(iii)contain such other particulars of or relating to the appropriation as the Board may prescribe;

(c)in the case of crude oil delivered to the Secretary of State in the period under the terms of a licence granted under [F6Part I of the Petroleum Act 1998], the return shall state the total quantity of the oil;

(d)in the case of crude oil which, at the end of the period, has either not been disposed of and not relevantly appropriated or has been disposed of but not delivered, the return shall—

(i)state the quantity of the oil;

(ii)state the market value of the oil [F7in the last calendar month] of the period; and

(iii)contain such other particulars relating to the oil as the Board may prescribe.

[F8(2A)Every participator in [F1a taxable field] shall, in the first return under this paragraph which he makes for that field, state whether any and, if any, how much [F9expenditure to which section 5A or section 5B] of this Act applies and which relates to, or to a licence for, any part of the field has been claimed under Schedule 7 to this Act—

(a)by him, or

(b)by a company associated with him in respect of that expenditure, or

(c)if he or such a company is the new participator, within the meaning of Schedule 17 to the Finance Act 1980, by the old participator, within the meaning of that Schedule, or by a company associated with him in respect of that expenditure,

and subsection (7) of section 5 of this Act applies for the purposes of this sub-paragraph as it applies for the purposes of that section.]

(3)A return under this paragraph for a chargeable period shall state—

(a)the amount of royalty payable by the participator for that period in respect of his share of oil won from the field as shown in the return or returns made by him to the Secretary of State under the relevant licence or licences;

(b)the amount of royalty paid by the participator in that period in respect of that share;

(c)the amount of any royalty paid under any relevant licence in respect of the field which was repaid to the participator in that period; and

(d)the amount of any periodic payment made by the participator to the Secretary of State in that period under each relevant licence otherwise than by way of royalty.

[F10(3A)A return under this paragraph for a chargeable period shall—

(a)state the amount (if any) which, in the case of the participator, is to be brought into account for that period in accordance with section 2(5)(e) of this Act;

(b)contain such particulars as the Board may prescribe (whether before or after the passing of the Finance Act 1987) with respect to any nominated transaction under Schedule 10 to that Act—

(i)the effective volume of which forms part of the participator’s aggregate effective volume (construing those terms in accordance with that Schedule) for any calendar month comprised in that chargeable period; and

(ii)which has not led to deliveries of oil or relevant appropriations of which particulars are included in the return by virtue of sub-paragraph (2) above; and

(c)contain such other particulars as the Board may prescribe (as mentioned above) in connection with the application of section 61 of and Schedule 10 to the Finance Act 1987.]

(4)A return under this paragraph shall be in such form as the Board may prescribe and shall include a declaration that the return is correct and complete.

[F11(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.]

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Amendments (Textual)

F1Words in Sch. 2 para. 2(1)(2)(2A) substituted (27.7.1993) by 1993 c.34 s. 187(1)

F2Words in Sch. 2 para. 2 inserted (27.7.1999 with application in relation to chargeable periods ending on or after 30.6.1999) by 1999 c. 16, s. 102(1)(a)(8)

F3Words repealed by Finance Act 1987 (c. 16), ss. 62(1)(d), 72(7) and Sch. 16 Part X for chargeable periods ending after 31 December 1986

F4Words in Sch. 2 para. 2(2)(a)(iii) inserted (3.5.1994) by 1994 c. 9, s. 236(1), Sch. 23 para. 2 (with saving in s. 236(2))

F5Words in Sch. 2 para. 2(2)(b)(ii) inserted (3.5.1994) by 1994 c. 9, s. 236(1), Sch. 23 para. 2 (with saving in s. 236(2))

F7Words substituted by Finance Act 1987 (c. 16), s. 62(2) for chargeable periods ending after 31 December 1986

F8Schedule 2 para. 2(2A) inserted by Finance Act 1983 (c. 49), s. 37(2) and Sch. 8 Part II para. 5

F9Words substituted by Finance Act 1987 (c. 16), s. 64(2) and Sch. 13 Part II para. 4

F11Sch. 2 para. 2(5) inserted (27.7.1999 with application in relation to chargeable periods ending on or after 30.6.1999) by 1999 c. 16, s. 102(1)(b)(8)

Modifications etc. (not altering text)

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