Part 6Oil
Petroleum revenue tax
107Elections for oil fields to become non-taxable
1
Section 185 of FA 1993 is amended as follows.
2
Before subsection (1) insert—
A1
In this Part of this Act—
“non-taxable field” means an oil field which meets the conditions in subsection (1), (1ZA) or (1A), and
“taxable field” means an oil field which is not a non-taxable field.
3
In subsection (1)—
a
for the words before paragraph (a) substitute—
1
An oil field meets the conditions in this subsection if it is an oil field—
b
omit the words after paragraph (b).
4
After that subsection insert—
1ZA
An oil field meets the conditions in this subsection if—
a
the field does not meet the conditions in subsection (1), and
b
an election under Schedule 20A that the field is to be non-taxable is in effect.
5
In subsection (1A), before paragraph (a) insert—
za
the field does not meet the conditions in subsection (1),
6
Before Schedule 21 to FA 1993, insert Schedule 20A that is set out in Part 1 of Schedule 33 to this Act.
7
Part 2 of Schedule 33 contains other amendments relating to the amendments made by this section.