Finance Act 1994

3 (1) In Schedule 3 (miscellaneous provisions relating to PRT), in paragraph 2 (definition of market value of oil)—

(a) at the beginning of sub-paragraph (1) there shall be inserted the words “Except in the case of light gases”; and

(b) at the end of that sub-paragraph there shall be added the words “and, accordingly, references in the following provisions of this paragraph to oil do not apply to light gases”.

(2) In paragraph 2A of that Schedule (definition of market value of oil consisting of or including gas), after sub-paragraph (1) there shall be inserted the following sub-paragraph—

“(1A) Sub-paragraphs (2) and (3) below also apply where the market value of any light gases falls to be ascertained under paragraph 3A below.”

(3) In sub-paragraph (2) of paragraph 2A, after the words “paragraph 2 above”, in each place where they occur, there shall be inserted “or, as the case may require, sub-paragraph (2)(b) of paragraph 3A below”.

(4) In sub-paragraph (3) of paragraph 2A, after the words “paragraph 2”, in the first place where they occur, there shall be inserted “or, as the case may require, in accordance with paragraph 3A below”.

(5) Sub-paragraph (4) of paragraph 2A shall be omitted.