Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
, see all updates

PRT: royalty - royalty -paid

PRT Royalty was abolished with effect from 1 January 2003.

Royalty paid is the amount actually paid in respect of royalties in the chargeable period. Broadly this will reflect the royalty due for the previous period but it may well include prior period payments required as earlier years are finally settled. Whatever period they relate to however the payments are debited in the licence debit or credit computation in the period in which they are made.