Section 106 — Finance Act 2008: Returns of relevant sales of oil

Returns of relevant sales of oil 106 1 Section 62 of FA 1987 (returns of relevant sales of oil) is amended as follows.

2 After subsection (3) insert— 3A Subsection (4) applies to a participator in an oil field in any case where—

a paragraph 2 of Schedule 2 to the principal Act requires the participator to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred),

and b there are any relevant sales of Category 2 oil (as defined in subsection (6) below).

3 In subsection (4), for the words before paragraph (a) substitute— 4 In such a case, that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return of all relevant sales of Category 2 oil stating— .

4 In subsection (4), in paragraphs (d), (e) and (f), for “oil” (in each place) substitute “ Category 2 oil ” .

5 In subsection (6)—

a in the words before paragraph (a), for “oil”, in each place except in the expression “oil field”, substitute “ Category 2 oil ” , b in paragraph (a), for “subsection (4)” substitute “ subsection (3A) ” , c in paragraph (c), for “oil” substitute “ Category 2 oil ” , and d omit paragraph (d) and the “and” before it.

6 After subsection (8) insert— 8A For provision about the meaning of “Category 2 oil”, see paragraph 2 of Schedule 3 to the principal Act (which applies by virtue of section 72(6) below).

7 The amendments made by this section have effect in relation to chargeable periods ending on or after 30 June 2008.