Section 140 | Petroleum revenue tax: rate

(1)In section 1(2) of OTA 1975 (rate of petroleum revenue tax) for “35” substitute “ 0 ”.

(2)In paragraph 17 of Schedule 2 to that Act (cap on interest on repayments of tax), in sub-paragraph (5)(b) omit the words from “if that” to the end.

(3)In paragraph 2 of Schedule 19 to FA 1982 (duty to pay instalments based on amount of tax payable in previous chargeable period), after sub-paragraph (4) insert—

(4A)In sub-paragraph (1) the reference to any chargeable period for an oil field ending on or after 30th June 1983 does not include a chargeable period ending on 31st December 2015.

(4)The amendment made by subsection (1) has effect with respect to chargeable periods ending after 31 December 2015.