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.