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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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PRT: valuation of non-arm's length disposals and appropriations - gas - valuation of light gases from 1 January 1994 - market evidence

LB Oil & Gas will continue to observe the market. Information will be obtained both from published sources and from arm’s length contracts by producers. Companies should be asked to continue to provide contracts at an early date. LB Oil & Gas will have regard to information available about sales by non-producers especially where the sales are of a type which could have been entered into by producers.

LB Oil & Gas will be as open as possible with its information consistent with the need to maintain individual companies’ confidentiality. In this respect the circumstances are no different from those which apply under the election legislation.