Part 1 New Schedule 20A to FA 1993
Finance Act 2008 (2008 c 9) | Legislation

SCHEDULE 33 PRT: Elections for Oil Fields to Become Non-Taxable

Section 107

Part 1 New Schedule 20A to FA 1993

1

This is Schedule 20A to be inserted before Schedule 21 to FA 1993—

“SCHEDULE 20A
PRT: Elections for Oil Fields to Become Non-Taxable
Election by responsible person
1

(1)     The responsible person for a taxable field may make an election that the field is to be non-taxable.

(2)     An election is irrevocable.

(3)     The responsible person may not make an election unless each person who is a participator at the time the election is made agrees to the election being made.

(4)     If the responsible person makes an election, the Commissioners may assume that each participator agrees to the election being made (unless it appears to the Commissioners that a participator does not agree).

Decision by Commissioners
2

(1)     If an election is made, the Commissioners must decide whether or not the field is no longer taxable.

(2)     For the purposes of this paragraph, the field is no longer taxable if it appears to the Commissioners that one or other of the following conditions is met in relation to each future chargeable period.

(3)

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