138 Reduced oil allowance for certain Southern Basin and onshore fields
Finance Act 1988 (1988 c 39) | Legislation

Petroleum revenue tax

138  Reduced oil allowance for certain Southern Basin and onshore fields

(1)     For every relevant Southern Basin or onshore field, as defined in subsection (2) below, section 8 of the Oil Taxation Act 1975 (the oil allowance) shall have effect subject to the following modifications—

(a)     in subsection (2) (the amount of the allowance for each chargeable period) for “250,000 metric tonnes” there shall be substituted “125,000 metric tonnes”; and

(b)     in subsection (6) (the total allowance for a field) for “5 million metric tonnes” there shall be substituted “2.5 million metric tonnes”.

(2)     Subject to subsection

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