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The Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) (Amendment) Regulations 1993
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- 1993 No. 2939
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations, which come into force on 22nd December 1993, amend the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987 (“the principal Regulations”). The main effect of the amendments is to alter the requirements for oil to be excluded from the nomination scheme established by Schedule 10 to the Finance Act 1987. For chargeable periods ending after 31 December 1993, participators will be able to notify the Board of Inland Revenue in advance that they expect to satisfy the conditions for exclusion. Oil forming part of their equity production will then be excluded from the nomination scheme in those chargeable periods unless they fail in the event to satisfy those conditions or they withdraw the notification.
Regulation 1 provides for citation and commencement and the chargeable periods in relation to which the Regulations are to have effect.
Regulation 2 contains definitions.
Regulation 3 makes the amendments to regulation 2A of the principal Regulations providing for the exclusion of oil from the nomination scheme.
Regulation 4 makes a minor amendment to regulation 3(2) of the principal Regulations allowing nominations to be made by participators' agents.
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