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HMRC internal manual

Oil Taxation Manual

From
HM Revenue & Customs
Updated
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PRT: tax-exempt tariffing receipts - definition

A tax-exempt tariffing receipt is defined in OTA83\S6A(2) as:

  1. an amount that would otherwise be a tariff receipt (OT15025) of a participator,
  2. it is received or receivable by a participator in a chargeable period ending on or after 30 June 2004 under a contract entered into on or after 9 April 2003, and
  3. it is in respect of tax-exempt business

Tax-exempt business

An amount is in respect of tax-exempt business if it is received or receivable by a participator for the use of a qualifying asset (OT15100) or the provision of services or other business facilities of whatever kind in connection with the use, other than by the participator, of a qualifying asset and the use is in relation to:

  1. a new field (OT15830) or oil won from a new field, or
  2. a qualifying existing field (OT15860) or oil won from a qualifying existing field
  3. from 1 July 2007 a recommissioned field (OT15830) or oil won from a recommissioned field