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Finance Act 1982

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14(1)If a participator in an oil field has an excess of APRT credit [F1for the ninth chargeable period following the first chargeable period referred to in section 139(1)(a)] of this Act, then, on the making of a claim the amount of that excess shall be repaid to him.U.K.

(2)For the purposes of this paragraph there is an excess of APRT credit for [F1the ninth chargeable period referred to in subparagraph (1) above] if any of that credit would, apart from this paragraph, fall to be carried forward to the next chargeable period in accordance with [F1section 139(4) of this Act]; and the amount of the excess is the amount of the credit which would fall to be so carried forward.

(3)A claim under sub-paragraph (1) above shall be made not earlier than two months after the expiry of [F1the ninth chargeable period] referred to in that sub-paragraph.

(4)In any case where—

(a)a claim is made under sub-paragraph (1) above before an assessment is made for [F1the ninth chargeable period] referred to in that sub-paragraph, and

(b)the APRT credit for that period exceeds the amount of tax which, in the statement delivered under section 1(1)(a) of the M1Petroleum Revenue Tax Act 1980, is shown to be payable by the participator concerned in accordance with the Schedule to that Act for that period in respect of the oilfield in question,

the amount of the excess shall be repaid to the participator and that repayment shall be regarded as a payment on account of ny amount which may fall to be repaid to him by virtue of sub-paragraph (1) above.

(5)Paragraph 10(4) above shall not apply to any amount of APRT which is repayable only on the making of a claim under sub-paragraph (1) above.

(6)Amounts repaid to a participator by virtue of this paragraph shall be disregarded in computing his income for the purposes of income tax or corporation tax.

Textual Amendments

F1Words substituted by Finance Act 1983 (c. 28), s. 35 and Sch. 7 para. 3

Modifications etc. (not altering text)

C1See also Advance Petroleum Revenue Tax Act 1986 (c. 68, SIF 63:1) for the repayment of certain amounts of APRT

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