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HMRC internal manual

Oil Taxation Manual

PRT: tax-exempt tariffing receipts - excepted assets - assets subject to excess capacity election


A qualifying asset (OT15100) is an excepted asset for the purpose of the qualifying existing field (OT15860) condition in OTA83\S6B(1) if at the time of use the existing field was not a taxable field, the asset was subject to an election under FA94\S231 and it was at that time in operation with respect to an oil field.