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SCHEDULES

SCHEDULE 18Oil taxation: market value of oil

Part 1Amendments of the Oil Taxation Act 1975

Returns by participators

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

(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”.