Related Commentary  Related HMRC Manuals

1(1)  Every participator in an oil field shall, at the time when he delivers to the Board the return for a chargeable period required by paragraph 2 of Schedule 2 to the Oil Taxation Act 1975

(a)deliver to the Board a statement showing whether any, and if so what, amount of tax is payable by him in accordance with the Schedule to this Act for that period in respect of the field; and

(b)pay to the Board a sum equal to the amount of tax if any, shown in the statement less an amount equal to his APRT credit for that chargeable period in respect of that oil field.

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