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Corporation Tax Act 2010

Section 285: Valuation where appropriation to refining etc

973.This section imposes a market value in a case where an oil producer does not sell the oil to another party but takes it into use in another of its businesses, such as refining, and where the PRT rules do not apply. It is based on section 493(4), (5) and (6) of ICTA.

974.The corresponding rule for income tax is section 225J of ITTOIA (inserted by Schedule 1 to TIOPA).

975.In such a case the same calculation of market value is made using the PRT rules as if the PRT rules had applied to the appropriation.

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