Search Legislation

Advance Petroleum Revenue Tax Act 1986

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As enacted)

Advanced Features

 Help about advanced features

Changes to legislation:

There are currently no known outstanding effects for the Advance Petroleum Revenue Tax Act 1986, Section 1. Help about Changes to Legislation


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.

1 Repayment of APRT where net profit period not yet reached.E+W+S+N.I.

(1)In accordance with the provisions of this Act, advance petroleum revenue tax shall be paid to a participator in an oil field—

(a)in respect of whom none of the chargeable periods ending before 1st July 1986 is his net profit period for the purposes of this Act; and

(b)who was a participator in that field on 6th November 1986 and who, on that date, was entitled to a share of the oil won from that field during the chargeable period ending on 31st December 1986;

and the Schedule to this Act shall have effect for determining whether any chargeable period is for the purposes of this Act a participator’s net profit period in relation to a particular oil field.

(2)In this section “relevant participator” means any such participator as is referred to in subsection (1) above; and other expressions used in this Act have the same meaning as in Chapter II of Part VI of the M1Finance Act 1982 (advance petroleum revenue tax).

(3)There shall be determined in the case of every relevant participator the amount by which his APRT credit for the chargeable period ending on 31st December 1986 exceeds his provisional liability for petroleum revenue tax for that period in respect of the field in question and, subject to subsection (5) below, on a claim made in that behalf, there shall be repaid to the participator so much of that excess as does not exceed £15 million.

(4)The reference in subsection (3) above to a participator’s provisional liability for petroleum revenue tax for a chargeable period is a reference to the amount of tax shown to be payable by him for that period in the statement delivered under section 1(1)(a) of the M2Petroleum Revenue Tax Act 1980.

(5)A claim under subsection (3) above shall be made in such form as the Board may prescribe (whether before or after the passing of this Act) and shall be made not later than 28th February 1987 and, for the purposes of this Act, the Board may have regard to claims made before as well as after the passing of this Act.

(6)Paragraph 10(4) of Schedule 19 to the M3Finance Act 1982 (interest on certain repayments of APRT) shall not apply to any amount of APRT which is repayable only by virtue of this Act.

(7)A repayment of APRT made to a relevant participator pursuant to this Act,—

(a)shall be presumed to be a repayment of APRT which was paid later in priority to APRT which was paid earlier; and

(b)shall be disregarded in computing his income for the purposes of income tax or corporation tax.

Annotations: Help about Annotation

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Marginal Citations

Back to top


Print Options


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.


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