PRT: commingling - PRT treatment after 1 January 1987
FA1987\S63 gave statutory effect to the arrangements which had been used in practice in the past. All participators in fields contributing to a blend of oil were required to furnish details of the method of allocation by 1 August 1987 or, if later, within 30 days of the making of the first allocation under that method. Failure to comply with this requirement incurs a penalty of up to £500 per participator with a subsequent daily penalty after the court or First-tier Tribunal have declared the failure. Any change in the method of allocation requires details of the revised method to be notified within the same 30 day time scale.