285 Certain receipts not to be tariff receipts
Finance Act 2004 (2004 c 12) | Legislation

Part 5 Oil

285  Certain receipts not to be tariff receipts

(1)     The Oil Taxation Act 1983 (c 56) is amended as follows.

(2)     In section 6(2) (meaning of tariff receipts) after “Subject to the provisions of this section” insert “and section 6A below”.

(3)     After section 6 insert—

“6A Tax-exempt tariffing receipts

(1)     An amount which is a tax-exempt tariffing receipt (see subsection (2) below) does not constitute a tariff receipt for the purposes of the Oil Taxation Acts.

(2)     An amount is a “tax-exempt tariffing receipt” for the purposes of the Oil Taxation Acts if—

(a)     it would, apart from this section, be a tariff receipt of a participator in an oil field,

(b)     it is received or receivable by the participator in a chargeable period ending on or after 30th June 2004 under a contract entered into on or after 9th April 2003, and

(c)     it is in respect of tax-exempt business (see subsection (3) below).

(3)     For the purposes of this section an amount is in respect of tax-exempt business if it is an amount received or receivable by a participator in an oil field in respect of—

(a)     the use of a qualifying asset,

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