– see also Commodities; Fuel and power

Allowance

Assessable profit, reduction of

Legislation/Regulatory – OTA75 s. 8(1)

Chargeable period, utilised in

Legislation/Regulatory – OTA75 s. 8(5)

Final periods, adjustments for

Legislation/Regulatory – FA87 s. 66

Metric tonne

Legislation/Regulatory – OTA75 s. 8(7)

Necessary restriction, meaning

Legislation/Regulatory – OTA75 s. 8(6)
HMRC Guidance – OT19260

New fields, increase for

Legislation/Regulatory – FA83 s. 36

Oil field, for

Legislation/Regulatory – OTA75 s. 8(2)

Participator's share of

Legislation/Regulatory – OTA75 s. 8(3), (4)

Safeguard, profit reduced before applying

Legislation/Regulatory – OTA75 s. 8(8)

Southern Basin, reduction for

Legislation/Regulatory – FA88 s. 138

Total, ceiling on

Legislation/Regulatory – OTA75 s. 8(6)

Transfers of interests

Legislation/Regulatory – FA80 Sch. 17, para. 17

Already won, transfer of

Legislation/Regulatory – FA80 Sch. 17, para. 20

Arm's length, disposal otherwise than at

Legislation/Regulatory – OTA75 s. 5A(5A)

Blended

– see Blended oil

Disregarded in computation

Legislation/Regulatory – OTA83 Sch. 2, para. 4

Field

– see Oil field

Hydrocarbon oil duties

Commentary – Essential Tax Companion ¶77150 ; Essential Tax Companion ¶77270

Market value

– see Market value

Meaning

Legislation/Regulatory – OTA75 s. 1(1), 12(1)

New participator, share deemed to belong to

Legislation/Regulatory – FA80 Sch. 17, para. 21

Owned by person other than participator

Legislation/Regulatory – OTA75 Sch. 3, para. 6

Registered consignees

Commentary – Essential Tax Companion ¶77290

Royalties, delivered in place of

Legislation/Regulatory – OTA75 Sch. 3, para. 4