(1)For each of the following chargeable periods, namely—
(a)the first chargeable period ending after 31st December 1982 in which, subject to sections 140 and 141 below, a gross profit accrues to a participator from an oil field, and
(b)every one out of the nine immediately succeeding chargeable periods in which, subject to those sections, a gross profit accrues to him from that field,
the participator shall be liable to pay an amount of petroleum revenue tax (to be known as " advance petroleum revenue tax " and in this Chapter referred to as " APRT ") in accordance with this section.
(2)Subject to sections 140 and 141 below, APRT shall be payable on the gross profit accruing to the participator in the chargeable period in question and shall be payable at the rate of 20 per cent.
(3)The aggregate of—
(a)the APRT which is paid by a participator in respect of any chargeable period and not repaid, and
(b)any APRT which is carried forward from the previous chargeable period by virtue of subsection (4) below,
shall be set against the participator's liability for petroleum revenue tax charged in any assessment made on him in respect of the assessable profit accruing to him in the period referred to in paragraph (a) above from the oil field in question (which liability is in this Chapter referred to as his liability for petroleum revenue tax for a chargeable period) and shall, accordingly, discharge a corresponding amount of that liability.
(4)If, for any chargeable period, the aggregate of—
(a)the APRT which is paid by a participator for that period and not repaid, and
(b)any APRT carried forward from the previous chargeable period by virtue of this subsection,
exceeds the participator's liability for petroleum revenue tax for that period, the excess shall be carried forward as an accretion to the APRT paid (and not repaid) for the next chargeable period; and any reference in this Chapter to a participator's APRT credit for a chargeable period is a reference to the aggregate of the APRT paid for that period and not repaid and any APRT carried forward from the previous chargeable period by virtue of this subsection.
(5)The references in section 1 of the [1968 c. 2.] Provisional Collection of Taxes Act 1968 to petroleum revenue tax include a reference to APRT.
(6)The provisions of Schedule 19 to this Act shall have effect for supplementing this section and, accordingly, section 105 of the [1980 c. 48.] Finance Act 1980 (advance payments of petroleum revenue tax) shall cease to have effect with respect to chargeable periods ending after 30th June 1983.
(7)This Chapter shall be included in the Oil Taxation Acts for the purposes of sections 107 and 108 of the Finance Act 1980 (transmedian fields and gas banking schemes).