Section 302 — Corporation Tax Act 2010: Interest on repayment of PRT or APRT

Interest on repayment of PRT or APRT 302 1 Subsection (3) applies if any amount of petroleum revenue tax paid by a participator in an oil field is, under any provision of Part 1 of OTA 1975, repaid to the participator with interest.

2 Subsection (3) also applies if interest is paid to a participator under paragraph 10(4) of Schedule 19 to FA 1982 (interest on advance petroleum revenue tax which becomes repayable).

3 The interest paid is to be disregarded in calculating the participator's income for corporation tax purposes.