Oil Taxation Act 1975

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Oil Taxation Act 1975
Act of Parliament
Royal Coat of Arms of the United Kingdom (variant 1, 1952-2022).svg
Long title An Act to impose a new tax in respect of profits from substances won or capable of being won under the authority of licences granted under the Petroleum (Production) Act 1934 or the Petroleum (Production) Act (Northern Ireland) 1964; to make in the law relating to income tax and corporation tax amendments connected with such substances or with petroleum companies; and for connected purposes.
Citation 1975 c. 22
Introduced byThe Paymaster-General, Edmund Dell. 27 November 1974 (Second Reading) (Commons)
Territorial extent 
  • England and Wales
  • Scotland
  • Northern Ireland
Dates
Royal assent 8 May 1975
Commencement 8 May 1975
Other legislation
Amended bysee text
Status: Amended

The Oil Taxation Act 1975 (c. 22) is an Act of the Parliament of the United Kingdom relevant for UK enterprise law that was intended to ensure that oil and gas extraction companies operating in British territories and waters paid their fair share of tax. Over many years of amendments it was largely eliminated over 2015 and 2016, as the Petroleum Revenue Tax was cut to zero.

Contents

The Oil Taxation Act 1975 received royal assent on 8 May 1975. Its long title is ‘An Act to impose a new tax in respect of profits from substances won or capable of being won under the authority of licences granted under the Petroleum (Production) Act 1934 or the Petroleum (Production) Act (Northern Ireland) 1964; to make in the law relating to income tax and corporation tax amendments connected with such substances or with petroleum companies; and for connected purposes’.

Contents

The Act comprises 21 sections in 3 parts and 9 schedules

Other legislation

Subsequent legislation that has amended the 1975 Act includes:

See also

References