The following paper was issued to UKOITC, BRINDEX and OTAC 19 May 1999. It provides guidance as to how OTO will operate the deferral of returns legislation in practice. The legislation was enacted in FA99.

DEFERRAL OF RETURNS UNDER PARAGRAPHS 2 AND 5 OF SCHEDULE 2 OIL TAXATION ACT 1975

All statutory references are to the Oil Taxation Act 1975, unless otherwise stated.

Introduction & Board's powers

This guidance is based on the assumption that the legislation to allow the Board to agree that returns made under Paragraphs 2 and 5 of Schedule 2 OTA 1975 may be deferred either for a specified time or indefinitely. The legislation also includes consequential measures to:

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.