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HMRC internal manual

Oil Taxation Manual

PRT: CIF sales - chargeable periods ended after 30 June 2006

The opportunity to close a potential loophole was taken during the introduction of the changes to Oil Valuation methods in FA 2006. Amendments in FA2006\Sch18\Para2(4) extend the scope of OTA75\S2(5A) to include oil transported directly from an offshore place of production to a place in or outside the UK. The effect of that section was not changed.