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Oil Taxation Act 1975

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This is the original version (as it was originally enacted).

Definition of petroleum company

1For the purposes of this Schedule a company is a petroleum company if—

(a)its activities include those specified in any of sub-paragraphs (a) to (e) of paragraph 2 below ; or

(b)it is associated with a company whose activities include those specified in any of those sub-paragraphs and its own activities include those specified in sub-paragraph (f) of paragraph 2 below.

2The activities referred to in paragraph 1 above are—

(a)the acquisition or disposal of petroleum or of rights to acquire or dispose of petroleum ;

(b)the importation into or exportation from the United Kingdom of petroleum products or the acquisition or disposal of rights to such importation or exportation ;

(c)the acquisition otherwise than for importation into the United Kingdom of petroleum products outside the United Kingdom or the disposal outside the United Kingdom of petroleum products not exported from the United Kingdom by the company making the disposal;

(d)the refining or processing of crude petroleum;

(e)the extraction of petroleum, either under rights authorising it or under contractual or other arrangements with persons by whom such rights are exercisable ; and

(f)the ownership, operation or management of ships or pipe lines (as denned in section 65 of the Pipe-lines Act 1962) used for transporting or conveying petroleum or petroleum products.

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