Section 225H | Valuation where excess of nominated proceeds

(1)This section applies if an excess of nominated proceeds for a chargeable period—

(a)is taken into account in calculating a person's profits under section 2(5)(e) of OTA 1975, or

(b)would have been so taken into account if the person were chargeable to tax under OTA 1975 in respect of an oil field.

(2)For income tax purposes, the amount of the excess is to be added to the consideration which the person is treated as having received in respect of oil disposed of by that person in the period.