22(1)  Section 9(1) of the Petroleum and Submarine Pipe-lines Act 1975 (exemption of British National Oil Corporation and its wholly owned subsidiaries from petroleum revenue tax) shall not have effect in relation to chargeable periods ending after 30th June 1979; and the provisions of subsections (2) and (3) below, being transitional provisions, shall have effect–

(a)in the case of subsection (2), for the purpose of computing the assessable profit or allowable loss accruing from any oil field to that Corporation or any company which is or has been one of those subsidiaries; and

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