UK Act of Parliament 1975 United Kingdom

Oil Taxation Act 1975

Read the Act on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Prosecution 1 of 29 obligations carry a fine up to £500. 1 carries different penalties and 27 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Any Person13 Responsible Person3

Plus 13 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts
Responsible Person — also bound by 108 other Acts
MH(CT)(S)A 2003 30 duties

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

PETROLEUM REVENUE TAX

2 of 16 sections shown
s.007 Relief for allowable losses. (opens in a new tab) Regulated
Other duties (1) — Crown / regulator
  • HMRC must apply allowable loss relief to oil field profitsCrown / Minister / Government department
s.009 Operating expenditure incurred while section 9 applies. Regulated
Other duties (1) — Crown / regulator
  • HMRC must restrict late operating expenditure claimsCrown / Minister / Government department
14 other sections in this Part — procedural and definitional
s.001 Petroleum revenue tax. (opens in a new tab)
s.002 Assessable profits and allowable losses. (opens in a new tab)
s.003 Allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure). (opens in a new tab)
s.004 Allowance of expenditure on long-term assets. (opens in a new tab)
s.005 Allowance of abortive exploration expenditure. (opens in a new tab)
s.005 Allowance of exploration and appraisal expenditure.
s.005 Allowance of research expenditure.
s.006 Allowance of unrelievable loss from abandoned field. (opens in a new tab)
s.008 Oil allowance. (opens in a new tab)
s.009 Limit on amount of tax payable. (opens in a new tab)
s.010 Modification of Part I in connection with certain gas sold to British Gas Corporation. (opens in a new tab)
s.011 Application of Provisional Collection of Taxes Act 1968. (opens in a new tab)
s.012 Interpretation of Part I. (opens in a new tab)
s.012 Date of delivery or appropriation: shipped oil not sold at arm's length
Part 2

0 of 1 section shown
1 other section in this Part — procedural and definitional
s.013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (opens in a new tab)
Part 3

Miscellaneous and General

0 of 2 sections shown
2 other sections in this Part — procedural and definitional
s.020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (opens in a new tab)
s.021 Citation, interpretation and construction. (opens in a new tab)
Schedules

Schedules

27 of 86 shown
s.sch001 Before determining an area to be an oil field the... Regulated
Other duties (1) — Crown / regulator
  • Notify licensees and consider their representations before determining an oil fieldCrown / Minister / Government department
s.sch001 A determination under this Schedule shall be in such form... Regulated
Other duties (1) — Crown / regulator
  • Appropriate authority must assign a distinguishing number to each determined oil fieldCrown / Minister / Government department
s.sch001 The appropriate authority shall give notice of any determination made... Regulated
Other duties (1) — Crown / regulator
  • Authority must notify oil field determination to relevant partiesStatutory regulator
s.sch002 (1) Where it appears to the Board that, in accordance... Regulated
Other duties (1) — Crown / regulator
  • HMRC must assess and notify oil tax participators of profits, losses or nil determinationsCrown / Minister / Government department
s.sch002 (1) Where a participator has under paragraph 2 above delivered... Regulated
  • File accurate tax returns or face HMRC best-judgment assessmentAny Person
s.sch002 (1) Where— (a) the Board has extended the period for... Regulated
Other duties (1) — Crown / regulator
  • Board must assess oil tax within 4 years of extended return deadlineStatutory regulator
s.sch002 Subject to paragraph 14 below, the tax charged in an... Regulated
  • Pay tax charged in an assessment by the due dateAny Person
s.sch002 HMRC must— (a) make a decision on the claim, and... Regulated
Other duties (1) — Crown / regulator
  • HMRC must process the claim for repayment of oil dutyCrown / Minister / Government department
s.sch002 (1) This paragraph applies if HMRC are required by paragraph... Regulated
Other duties (1) — Crown / regulator
  • HMRC must complete tax review and notify results within 45 daysCrown / Minister / Government department
s.sch002 (1) Subject to sub-paragraph (2) below, tax charged in an... Regulated
  • Pay interest on overdue oil taxationAny Person
s.sch002 (1) Every participator in a taxable field shall, for each... Regulated
  • Submit oil production returns to HMRC within two months of chargeable period endAny Person
s.sch002 (1) If a participator fails to deliver a return within... Regulated
  • Fail to deliver oil tax return on timeAny Person
s.sch002 (1) The responsible person for a taxable fieldshall, for each... Regulated
  • File periodic oil field returns with the BoardResponsible Person
s.sch002 (1) If the responsible person fails to deliver a return... Prosecution
  • Fail to deliver oil field return on timeAny Person

Fine up to £500

s.sch003 Where— (a) a claim under Schedule 5 or 6 to... Regulated
Other duties (1) — Crown / regulator
  • HMRC may restrict tax relief on late oil extraction claimsCrown / Minister / Government department
s.sch004 (1) Where an asset is used in connection with an... Regulated
  • Dispose of oil field assets to connected persons and adjust capital expenditure claimsAny Person
s.sch004 (1) Where in the case of an oil field, the... Regulated
  • Include apportioned expenditure reduction in oil field tax computationAny Person
s.sch004 (1) Where, in consequence of the loss or destruction at... Regulated
  • Treat insurance or compensation for lost oil field assets as a taxable disposalAny Person
s.sch004 Where an asset was acquired jointly by persons who are... Regulated
  • Ignore joint asset's use in other oil fields for tax calculationsAny Person
s.sch005 (1) A claim under this Schedule for the allowance of... Regulated
  • Submit timely claim for oil field expenditure allowance to HMRCResponsible Person
s.sch005 (1) This paragraph applies if— (a) a current participator (“... Regulated
  • Attribute default payments correctly in abandonment expenditure claimsAny Person
s.sch005 (1) The Board shall by notice in writing to the... Regulated
Other duties (1) — Crown / regulator
  • Board must give written decision on oil field expenditure claimsCrown / Minister / Government department
s.sch005 (1) Where, on an appeal under paragraph 5 above that... Regulated
Other duties (1) — Crown / regulator
  • Tribunal must backdate allowed amounts to notice of appeal date and adjust computationsTribunal / Court
s.sch005 (1) Where— (a) an appeal is made against a determination... Regulated
Other duties (1) — Crown / regulator
  • HMRC must adjust tax assessments after appeal decisionsCrown / Minister / Government department
s.sch006 (1) A claim for the allowance of any expenditure allowable... Regulated
  • Claim oil field expenditure allowance directly to HMRC on trade secrecy groundsAny Person
s.sch008 (1) The Board shall, by notice in writing given to... Regulated
  • Distribute Board's cessation decision to all participatorsResponsible Person
s.sch008 (1) A claim for the allowance, in connection with an... Regulated
  • Claim unrelievable field loss allowance after oil field closureAny Person
59 other schedules
s.sch001 (1) For the purposes of this Part of this Act...
s.sch001 A determination under this Schedule may from time to time...
s.sch001 (1) This paragraph applies if an area has ceased to...
s.sch001 (1) A relevant area is decommissioned for the purposes of...
s.sch002 (1) The tax shall be under the care and management...
s.sch002 (1) Where it appears to the Board—
s.sch002 (1) In a case involving a relevant situation brought about...
s.sch002 (1) This paragraph applies where— (a) a participator has paid...
s.sch002 (1) HMRC are not liable to give effect to a...
s.sch002 (1) A claim under paragraph 13A may not be made...
s.sch002 (1) This paragraph applies where— (a) a claim is made...
s.sch002 (1) In paragraph 13A(1)(a) the reference to an amount paid...
s.sch002 (1) A participator may appeal ... against an assessment or...
s.sch002 (1) This paragraph applies if notice of appeal has been...
s.sch002 (1) Sub-paragraphs (2) and (3) apply if the participator notifies...
s.sch002 (1) Sub-paragraphs (2) to (5) apply if HMRC notify the...
s.sch002 (1) This paragraph applies if notice of appeal has been...
s.sch002 (1) This paragraph applies if HMRC give notice of the...
s.sch002 (1) This paragraph applies if— (a) HMRC have given notice...
s.sch002 (1) This paragraph applies if— (a) HMRC have offered to...
s.sch002 (1) In paragraphs 14A to 14H— (a) “matter in question”...
s.sch002 Subject to paragraph 17 below where any amount of tax...
s.sch002 (1) This paragraph applies where— (a) an assessment made on...
s.sch002 (1) For each oil field a body corporate or partnership...
s.sch002 Management and Collection of Petroleum Revenue Tax
s.sch002 (1) Where a participator in a taxable field fraudulently or...
s.sch002 (1) Where any such return, statement, declaration or accounts as...
s.sch003 (1) For the purposes of this Part of this Act...
s.sch003 Where a participator has made an election under paragraph 9(1)...
s.sch003 (1) This paragraph applies if— (a) there is, for the...
s.sch003 (1) Any power to make regulations under this Schedule is...
s.sch003 (1) This paragraph has effect for determining, for the purposes...
s.sch003 (1) Except in the case of light gases the market...
s.sch003 (1) Paragraph 2 above shall have effect in accordance with...
s.sch003 (1) For the purposes of subsection (5) of section 2...
s.sch003 (1) The market value of any light gases for the...
s.sch003 Oil delivered to the OGA under the terms of a...
s.sch003 (1) This paragraph applies to any agreement or other arrangement...
s.sch003 (1) Where a proportion of a participator’s share in the...
s.sch003 Where the whole or part of the share of a...
s.sch003 In computing the assessable profit or allowable loss accruing to...
s.sch003 (1) Expenditure shall not be regarded for any of the...
s.sch003 (1) A participator in an oil field may by notice...
s.sch004 (1) Expenditure incurred by any person in the acquisition of...
s.sch004 (1) Where, in a transaction to which this paragraph applies,...
s.sch004 (1) This paragraph applies in the case of any oil...
s.sch004 . . . . . . . . . ....
s.sch005 (1) In relation to any oil field—
s.sch005 In this Schedule “tribunal” means the First-tier Tribunal or, where...
s.sch005 (1) No amount is to be attributed to a contributing...
s.sch005 (1) An amount attributed under paragraph 2A(2) is—
s.sch005 If, in a case where sub-paragraph (5) of paragraph 2...
s.sch005 (1) If— (a) the amount or total of the amounts...
s.sch005 (1) Where the responsible person gives notice of appeal against...
s.sch005 (1) If ... it appears to the Board that the...
s.sch006 The provisions of Schedule 5 to this Act specified in...
s.sch007 (1) A claim for the allowance, in connection with an...
s.sch008 Where it appears to the responsible person for an oil...
s.sch008 (1) The responsible person may appeal ... against the Board’s...

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.