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Oil Taxation Act 1975

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This is the original version (as it was originally enacted).

18Interest on tax overpaid to be disregarded in computing income

(1)Where any amount of petroleum revenue tax paid by a participator in an oil field is, under any provision of Part I of this Act, repaid to him with interest, the amount of the interest paid to him shall be disregarded in computing the amount of his income for the purposes of corporation tax.

(2)In this section " oil field " and " participator " have the same meaning as in Part I of this Act.

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