SCHEDULES

SCHEDULE 18U.K.Oil taxation: market value of oil

Part 1U.K.Amendments of the Oil Taxation Act 1975

Returns by participatorsU.K.

7(1)In Schedule 2 (management and collection) paragraph 2 is amended as follows.U.K.

(2)In sub-paragraph (2)(a)(iii) (market value of oil disposed of otherwise than by sale at arm's length) for “in the calendar month in which the delivery was made” substitute “ as determined in accordance with Schedule 3 to this Act in the case of the delivery ”.

(3)In sub-paragraph (2)(b)(ii) (market value of oil relevantly appropriated) for “in the calendar month in which the delivery was made” substitute “ as determined in accordance with Schedule 3 to this Act in the case of the appropriation ”.

(4)In sub-paragraph (2)(d)(ii) (market value of oil not disposed of etc at end of period) for “in the last calendar month” substitute “ on the last business day ”.