- Latest available (Revised)
- Point in Time (01/02/1991)
- Original (As enacted)
Oil Taxation Act 1975
You are here:
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Changes over time for: Paragraph 2
Version Superseded: 28/07/1993
Alternative versions:
- 01/02/1991- Amendment
- 01/02/1991
Point in time - 27/07/1993- Amendment
- Stop date 28/07/1993- Amendment
- 22/07/2004- Amendment
- 01/04/2010- Amendment
Status:
Point in time view as at 01/02/1991. This version of this provision has been superseded.
Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Oil Taxation Act 1975, Paragraph 2.
Changes to Legislation
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.
2(1)Where a person has incurred expenditure in the acquisition of an asset in a transaction to which this paragraph applies, he shall be treated for the purposes of sections 3 and 4 of this Act as having incurred that expenditure only to the extent that it does not exceed expenditure (other than expenditure in respect of interest or any other pecuniary obligation incurred in obtaining a loan or any other form of credit) incurred [F1by another person in acquiring, bringing into existence, or enhancing the value of that asset] in a transaction to which this paragraph does not apply (or, if there has been more than one such transaction, the later or latest of them) [F2in acquiring, bringing into existence or enhancing the value of that asset].
Section 4(13) of this Act applies to the preceding provisions of this sub-paragraph.
(2)This paragraph applies to any transaction between connected persons and to any transaction made otherwise than at arm’s length; and for the purposes of this paragraph a person is connected with another person if [F3they are connected within the meaning of section [F4839] of the Taxes Act].
[F5(3)The preceding provisions of this paragraph have effect (with any necessary modifications) in relation to expenditure incurred by a person in respect of—
(a)the use of an asset, or
(b)the provision of services or other business facilities of whatever kind in connection with the use, otherwise than by that person, of an asset,
as they have effect in relation to expenditure incurred in the acquisition of, or of an interest in, an asset.]
Textual Amendments
F1Words repealed by Oil Taxation Act 1983 (c. 56), ss. 5(6), 15(6) and Sch. 6 in relation to expenditure incurred in the acquisition of an asset on or after 1 April 1983
F2Words inserted by Oil Taxation Act 1983 (c. 56), s. 5(6) in relation to expenditure incurred in the acquisition of an asset on or after 1 April 1983
F3Words substituted for Sch. 4 para. 2(2)(a)–(c) by Finance (No. 2) Act 1979 (c. 47), s. 20(2) in relation to expenditure claimed after 31 December 1978
F4Figure substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32
F5Sch. 4 para. 2(3) substituted by Oil Taxation Act 1983 (c. 56), s. 5(6) in relation to expenditure incurred in the acquisition of an asset on or after 1 April 1983
Modifications etc. (not altering text)
C2See Oil Taxation Act 1983 (c. 56), Sch. 2 para. 5 in relation to transactions to which Sch. 4 para. 2 applies
Options/Help
Print Options
PrintThe Whole Act
PrintThe Whole Schedule
PrintThe Whole Cross Heading
PrintThis Section only
Legislation is available in different versions:
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.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
See additional information alongside the content
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.
Opening Options
Different options to open legislation in order to view more content on screen at once
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
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.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.