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HMRC internal manual

Oil Taxation Manual

HM Revenue & Customs
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PRT: Expenditure: Spreading Elections, OTA75\SCH3\PARAS 9-10 - Time Limits

The legislation covering spreading elections ceased to have effect in relation to chargeable periods beginning after 30 June 2009.

OTA75\Sch3\Para9 & Para10

The election must be made within three months after the end of the first chargeable period to which it relates or, if later, twenty-seven months after the end of the first chargeable period for the field, OTA75\Sch3\Para9(5).

Up to and including 1982, the three-month time limit was consistent with the period within which assessments to PRT were made. But when FA82\Sch19\Para19 extended the time limit for making assessments from three months to five months (see OT04300), a consequential statutory change to the expenditure election time limit was not made. However, by extra statutory concession announced in 1984 (ESC13), that time limit has been extended from three to five months.