Relief for allowable losses.
Other duties (1) — Crown / regulator
- HMRC must apply allowable loss relief to oil field profits Crown / Minister / Government department
UK Act of Parliament
1975
United Kingdom
Oil Taxation Act 1975
At a glance
What's here
26 compliance obligations
Penalty landscape
1 of 26 obligations carry a fine up to £500. 1 carries different penalties and 24 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 12
- Responsible Person 2
Plus 12 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Responsible Persons also bound by 104 other Acts (top 5 shown)
- MH(CT)(S)A 2003 2003 45 duties
- Climate Change Levy (General) Regulations 2001 2001 24 duties
- The Offshore Installations (Prevention of Fire and Explosion, and Emergency Response) Regulations 1995 1995 21 duties
- Offshore Installations (Offshore Safety Directive) (Safety Case ) Regulations 2015 2015 21 duties
- The Offshore Installations (Safety Case) Regulations 2005 2005 19 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part I — PETROLEUM REVENUE TAX
Operating expenditure incurred while section 9 applies.
Other duties (1) — Crown / regulator
- HMRC must restrict late operating expenditure claims Crown / Minister / Government department
Browse 14 other sections in this Part — procedural / definitional / commencement
Petroleum revenue tax.
Assessable profits and allowable losses.
Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure).
Allowance of expenditure on long-term assets.
Allowance of abortive exploration expenditure.
Allowance of exploration and appraisal expenditure.
Allowance of research expenditure.
Allowance of unrelievable loss from abandoned field.
Oil allowance.
Limit on amount of tax payable.
Modification of Part I in connection with certain gas sold to British Gas Corporation.
Application of Provisional Collection of Taxes Act 1968.
Interpretation of Part I.
Date of delivery or appropriation: shipped oil not sold at arm's length
Part II
Browse 1 other section in this Part — procedural / definitional / commencement
Part III — Miscellaneous and General
Browse 2 other sections in this Part — procedural / definitional / commencement
Schedules
Before determining an area to be an oil field the...
Other duties (1) — Crown / regulator
- Notify licensees and consider their representations before determining an oil field Crown / Minister / Government department
A determination under this Schedule shall be in such form...
Other duties (1) — Crown / regulator
- Appropriate authority must assign a distinguishing number to each determined oil field Crown / Minister / Government department
The appropriate authority shall give notice of any determination made...
Other duties (1) — Crown / regulator
- Authority must notify oil field determination to relevant parties Statutory regulator
(1) Where it appears to the Board that, in accordance...
Other duties (1) — Crown / regulator
- HMRC must assess and notify oil tax participators of profits, losses or nil determinations Crown / Minister / Government department
(1) Where a participator has under paragraph 2 above delivered...
- File accurate tax returns or face HMRC best-judgment assessment Any Person
(1) Where— (a) the Board has extended the period for...
Other duties (1) — Crown / regulator
- Board must assess oil tax within 4 years of extended return deadline Statutory regulator
(1) This paragraph applies if HMRC are required by paragraph...
Other duties (1) — Crown / regulator
- HMRC must complete tax review and notify results within 45 days Crown / Minister / Government department
(1) Subject to sub-paragraph (2) below, tax charged in an...
- Pay interest on overdue oil taxation Any Person
(1) Every participator in a taxable field shall, for each...
- Submit oil production returns to HMRC within two months of chargeable period end Any Person
(1) If a participator fails to deliver a return within...
- Fail to deliver oil tax return on time Any Person
(1) If the responsible person fails to deliver a return...
Fine up to £500- Fail to deliver oil field return on time Any Person
Where— (a) a claim under Schedule 5 or 6 to...
Other duties (1) — Crown / regulator
- HMRC may restrict tax relief on late oil extraction claims Crown / Minister / Government department
(1) Where an asset is used in connection with an...
- Dispose of oil field assets to connected persons and adjust capital expenditure claims Any Person
(1) Where in the case of an oil field, the...
- Include apportioned expenditure reduction in oil field tax computation Any Person
(1) Where, in consequence of the loss or destruction at...
- Treat insurance or compensation for lost oil field assets as a taxable disposal Any Person
Where an asset was acquired jointly by persons who are...
- Ignore joint asset's use in other oil fields for tax calculations Any Person
(1) A claim under this Schedule for the allowance of...
- Submit timely claim for oil field expenditure allowance to HMRC Responsible Person
(1) This paragraph applies if— (a) a current participator (“...
- Attribute default payments correctly in abandonment expenditure claims Any Person
(1) The Board shall by notice in writing to the...
Other duties (1) — Crown / regulator
- Board must give written decision on oil field expenditure claims Crown / Minister / Government department
(1) Where, on an appeal under paragraph 5 above that...
Other duties (1) — Crown / regulator
- Tribunal must backdate allowed amounts to notice of appeal date and adjust computations Tribunal / Court
(1) Where— (a) an appeal is made against a determination...
Other duties (1) — Crown / regulator
- HMRC must adjust tax assessments after appeal decisions Crown / Minister / Government department
(1) A claim for the allowance of any expenditure allowable...
- Claim oil field expenditure allowance directly to HMRC on trade secrecy grounds Any Person
(1) The Board shall, by notice in writing given to...
- Distribute Board's cessation decision to all participators Responsible Person
(1) A claim for the allowance, in connection with an...
- Claim unrelievable field loss allowance after oil field closure Any Person
Browse 62 other Schedules — structural / supplementary
(1) For the purposes of this Part of this Act...
A determination under this Schedule may from time to time...
(1) This paragraph applies if an area has ceased to...
(1) A relevant area is decommissioned for the purposes of...
(1) The tax shall be under the care and management...
(1) Where it appears to the Board—
(1) In a case involving a relevant situation brought about...
Subject to paragraph 14 below, the tax charged in an...
(1) This paragraph applies where— (a) a participator has paid...
(1) HMRC are not liable to give effect to a...
(1) A claim under paragraph 13A may not be made...
HMRC must— (a) make a decision on the claim, and...
(1) This paragraph applies where— (a) a claim is made...
(1) In paragraph 13A(1)(a) the reference to an amount paid...
(1) A participator may appeal ... against an assessment or...
(1) This paragraph applies if notice of appeal has been...
(1) Sub-paragraphs (2) and (3) apply if the participator notifies...
(1) Sub-paragraphs (2) to (5) apply if HMRC notify the...
(1) This paragraph applies if notice of appeal has been...
(1) This paragraph applies if HMRC give notice of the...
(1) This paragraph applies if— (a) HMRC have given notice...
(1) This paragraph applies if— (a) HMRC have offered to...
(1) In paragraphs 14A to 14H— (a) “matter in question”...
Subject to paragraph 17 below where any amount of tax...
(1) This paragraph applies where— (a) an assessment made on...
(1) For each oil field a body corporate or partnership...
(1) The responsible person for a taxable fieldshall, for each...
Management and Collection of Petroleum Revenue Tax
(1) Where a participator in a taxable field fraudulently or...
(1) Where any such return, statement, declaration or accounts as...
(1) For the purposes of this Part of this Act...
Where a participator has made an election under paragraph 9(1)...
(1) This paragraph applies if— (a) there is, for the...
(1) Any power to make regulations under this Schedule is...
(1) This paragraph has effect for determining, for the purposes...
(1) Except in the case of light gases the market...
(1) Paragraph 2 above shall have effect in accordance with...
(1) For the purposes of subsection (5) of section 2...
(1) The market value of any light gases for the...
Oil delivered to the OGA under the terms of a...
(1) This paragraph applies to any agreement or other arrangement...
(1) Where a proportion of a participator’s share in the...
Where the whole or part of the share of a...
In computing the assessable profit or allowable loss accruing to...
(1) Expenditure shall not be regarded for any of the...
(1) A participator in an oil field may by notice...
(1) Expenditure incurred by any person in the acquisition of...
(1) Where, in a transaction to which this paragraph applies,...
(1) This paragraph applies in the case of any oil...
. . . . . . . . . ....
(1) In relation to any oil field—
In this Schedule “tribunal” means the First-tier Tribunal or, where...
(1) No amount is to be attributed to a contributing...
(1) An amount attributed under paragraph 2A(2) is—
If, in a case where sub-paragraph (5) of paragraph 2...
(1) If— (a) the amount or total of the amounts...
(1) Where the responsible person gives notice of appeal against...
(1) If ... it appears to the Board that the...
The provisions of Schedule 5 to this Act specified in...
(1) A claim for the allowance, in connection with an...
Where it appears to the responsible person for an oil...
(1) The responsible person may appeal ... against the Board’s...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Field determinations (opens in a new tab) from NSTA Detailed Guidance
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