SolvedOT04090 | PRT: administration: returns by participators - PRT 1
From HM Revenue & Customs · Oil Taxation Manual
OTA75\SCH2\PARA2
Each participator in a field is required, for each chargeable period, to submit to LB Oil & Gas a return under OTA75\SCH2\PARA2 on form PRT 1 within two months after the end of that chargeable period unless an extension of the time allowed for the delivery of a return has been agreed by LB Oil & Gas (for deferral of returns see OT19200 and OT19225).
The return is in three parts:
Part 1 relates to the volumes and values of delivered product.
Part 2 relates to the nomination scheme (see OT05200) and need only be completed by a participator who is not excluded from that scheme.
The section of PRT 1 relating to the oil allowance computation, Section G of Part 1, no longer needs to be completed from 23 November 2016. The section is no longer relevant following the permanent zero-rating of PRT.
The statutory declaration required as part of this return is included on a separate form PRT (D1). Participators must ensure that the declaration is completed for every PRT 1 delivered. The declaration must be signed by an appropriate officer of the company and returned to LB Oil & Gas with the form PRT 1.
The return should include the following information:
copies of all new contracts, whether term or spot, under which oil and gas have been sold during the period;
for non-arm’s length disposals of gas,
where a basis of valuation has been agreed under FA94\S236 and FA94\SCH23 (see OT05355), a computation of the returned prices.