The rules for valuation of light gases are included in OTA 1975, Sch. 3, para. 3A.

‘Light gases’ are defined as oil consisting of gas of which the largest component by volume over any chargeable period is methane or ethane, or a combination of those gases. This definition covers most gas other than LPG for which the monthly valuation rules in OTA 1975, Sch. 3, para. 2 still apply (see ¶796-300).

Want to read more?

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

No subscription?

Contact us to discuss your requirements.