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HMRC internal manual

Oil Taxation Manual

PRT: valuation of non-arm's length disposals and appropriations - gas - valuation of light gases from 1 January 1994 - status of elections

The legislation in FA82\S134 and FA86\S109 continues to apply to elections made on or before 31 December 1993. There was no change in the LB Oil & Gas policy towards reopening elections as a result of the changes brought in by the 1994 Finance Act. It is of course possible that an election may be terminated early if the re-opener provisions are triggered and no new formula is proposed or agreed (see OT05360) In this case the subsequent gas deliveries will be valued under the basis in OTA75\SCH3\PARA3A.