Part 8

Oil activities
Chapter 4

Calculation of profits

Deduction of PRT in calculating income for corporation tax purposes

Effect of repayment of PRT: general rule
300
1
This section applies if some or all of the petroleum revenue tax in respect of which a deduction has been made under section 299(2) is subsequently repaid.
2
The deduction is to be reduced or extinguished accordingly.
3
Any additional assessment to corporation tax required in order to give effect to subsection (2) may be made at any time not later than 4 years after the end of the calendar year in which the petroleum revenue tax was repaid.
4
This section is subject to section 301.