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Finance Act 2016
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- UK Public General Acts
- 2016 c. 24
- PART 9
- Petroleum revenue tax
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Petroleum revenue tax
140Petroleum revenue tax: rate
(1)In section 1(2) of OTA 1975 (rate of petroleum revenue tax) for “35” substitute “0”.
(2)In paragraph 17 of Schedule 2 to that Act (cap on interest on repayments of tax), in sub-paragraph (5)(b) omit the words from “if that” to the end.
(3)In paragraph 2 of Schedule 19 to FA 1982 (duty to pay instalments based on amount of tax payable in previous chargeable period), after sub-paragraph (4) insert—
“(4A)In sub-paragraph (1) the reference to any chargeable period for an oil field ending on or after 30th June 1983 does not include a chargeable period ending on 31st December 2015.”
(4)The amendment made by subsection (1) has effect with respect to chargeable periods ending after 31 December 2015.
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