102 Abolition of PRT for fields recommissioned after earlier decommissioning
Finance Act 2007 (2007 c 11) | Legislation

Petroleum revenue tax

102  Abolition of PRT for fields recommissioned after earlier decommissioning

(1)     Section 185 of FA 1993 (abolition of PRT for oil fields with development consents on or after 16th March 1993) is amended as follows.

(2)     In subsection (1) (meaning of “non-taxable field” and “taxable field”), after paragraph (b) insert “or an oil field which does not meet the conditions in paragraphs (a) and (b) above but which does meet the conditions in subsection (1A) below”.

(3)     After that subsection insert—

“(1A)     An oil field meets the conditions in this subsection

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