Advance Petroleum Revenue Tax Act 1986

4 (1) If, in a case where paragraph 3(1) above does not apply in relation to a participator,— U.K.

(a) one of the chargeable periods ending before 1st July 1986 is the participator’s net profit period for the purposes of section 111, and

(b) a claim has been made under Schedule 5 or Schedule 6 to the principal Act in respect of expenditure incurred before 1st July 1986, and

(c) as to the whole or any part of that expenditure, at the material date either the Board have not notified their decision on the claim or an appeal against their decision on the claim has not been finally determined or abandoned (or treated as abandoned),

the question whether one of the periods referred to in paragraph (a) above is the participator’s net profit period for the purposes of this Act shall be determined on the assumptions in sub-paragraph (2) below.

(2) The assumptions referred to in sub-paragraph (1) above are—

(a) that so much of any expenditure as falls within paragraph (c) of that sub-paragraph has been allowed and, in the case of expenditure claimed as qualifying for supplement under paragraph (b)(ii) or paragraph (c)(ii) of section 2(9) of the principal Act, has been allowed as so qualifying; and

(b) that the participator’s share of any of that expenditure which is the subject of a claim under Schedule 5 to the principal Act is the share proposed in the claim under paragraph 2(4)(b) of that Schedule.