Related Commentary  Related HMRC Manuals

1(1)  A tax, to be known as petroleum revenue tax, shall be charged in accordance with this Part of this Act in respect of profits from oil won under the authority of a licence granted under either Part I of the Petroleum Act 1998 or the Petroleum (Production) Act (Northern Ireland) 1964; and in this Part of this Act “oil”  means any substance so won or capable of being so won other than methane gas won in the course of operations for making and keeping mines safe.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

No subscription?

Contact us to discuss your requirements.