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: terminal liftings - disposal of field interests- sale not proceeding (regulation 9)

Once the election in regulation 8 is made these field interests remain separated unless the sale of the field or fields falls through. Where the sale falls through the participator must notify LB Oil & Gas of this fact no later than the due date for the PRT1 return for the period in which the participator is first aware that the deal has fallen through.

The field or fields in question will then be allocated liftings under the normal rules of Reg 4 or 5 as appropriate from the beginning of the month after that in which the participator is first aware that the deal has fallen through.