PRT: administration: returns by participators - PRT 1
Each participator in a field is required, for each chargeable period, to submit to LB Oil & Gas a return under OTA75\SCH2\PARA2 on form PRT 1 within two months after the end of that chargeable period unless an extension of the time allowed for the delivery of a return has been agreed by LB Oil & Gas (for deferral of returns see OT19200 and OT19225).
The return is in three parts:
- Part 1 relates to the volumes and values of delivered product.
- Part 2 relates to the nomination scheme (see OT05200) and need only be completed by a participator who is not excluded from that scheme.
- Part 3 relates to tariff and disposal receipts (see OT15010), qualifying receipts arising from OTA75/SCH7 expenditure (see OT13860), exploration and appraisal and research expenditure (see OT13760) and abandonment guarantee reimbursement expenditure (see OT10400).
The section of PRT 1 relating to the oil allowance computation, Section G of Part 1, no longer needs to be completed from 23 November 2016. The section is no longer relevant following the permanent zero-rating of PRT.
The statutory declaration required as part of this return is included on a separate form PRT (D1). Participators must ensure that the declaration is completed for every PRT 1 delivered. The declaration must be signed by an appropriate officer of the company and returned to LB Oil & Gas with the form PRT 1.
The return should include the following information:
- copies of all new contracts, whether term or spot, under which oil and gas have been sold during the period;
- for non-arm’s length disposals of gas,
* where a long-term gas election has been made under FA82\S134 (alternative valuation of certain ethane, see OT05355) and FA86\S109 (alternative valuation of certain light gases, see OT05355), a reconciliation of the prices returned with the price formulae in the election * where a basis of valuation has been agreed under FA94\S236 and FA94\SCH23 (see OT05355), a computation of the returned prices.