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HMRC internal manual

Oil Taxation Manual

PRT: royalty - transfers of interest

PRT Royalty was abolished with effect from 1 January 2003.

Given the nature of the licence debit or credit computation it is entirely possible that PCPAs may be made in periods after a participator has disposed of the interest in the particular field and therefore has ceased to be assessable on that interest.

In these circumstances FA80\SCH17\PARA12allows for the adjustment to be made in the period in which the interest was transferred and extends time limits for assessment. Full instructions can be found at OT18000.