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55. Reduction in rate of petroleum revenue tax

Budget Resolutions and Economic Situation — Amendment of the Law – in the House of Commons at 6:23 pm on 22nd March 2016.

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(1) In section 1(2) of the Oil Taxation Act 1975 (rate of petroleum revenue tax) for “35” substitute “0”.

(2) In paragraph 17 of Schedule 2 to that Act (cap on interest on repayments of tax), in sub-paragraph (5)(b) omit the words from “if that” to the end.

(3) In paragraph 2 of Schedule 19 to the Finance Act 1982 (duty to pay instalments based on amount of tax payable in previous chargeable period), after subparagraph (4) insert—

“(4A) In sub-paragraph (1) the reference to any chargeable period for an oil field ending on or after 30th June 1983 does not include a chargeable period ending on 31st December 2015.”

(4) The amendment made by paragraph (1) has effect with respect to chargeable periods ending after 31 December 2015.

And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.