Oil Taxation Act 1975
The Oil Taxation Act 1975 (c 22) is a UK Act of Parliament relevant for UK enterprise law that was intended to ensure that oil and gas extraction companies operating in British territories and waters paid their fair share of tax. Over many years of amendments it was largely eliminated over 2015 and 2016, as the Petroleum Revenue Tax was cut to zero.
Contents
s 1, previously 50% now 0% Petroleum Revenue Tax. s 13, ring fence corporation tax, if ‘any oil extraction activities’ are undertaken or any ‘acquisition, enjoyment or exploitation of oil rights’ done, they are to be treated as a ‘separate trade, distinct from other activities’ carried out by the company. s 19, downstream activities (e.g. refining) or those outside the UK are not in the scope of the ring fence.
See also
- UK enterprise law
- UK energy law
- Corporation Tax Act 2010 ss 272-279A on remaining oil and gas taxes