HC Deb 16 March 1981 vol 1 cc156-7
156
§
Motion made, and Question,
That provision may be made—
- (a) for denying supplement under section 2(9) of the Oil Taxation Act 1975 to—
- (i) expenditure claimed for a claim period ending after 31st December 1980 and incurred after the end of
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the chargeable period in which a net profit first accrues to a participator from an oil field; and
- (ii) expenditure under certain contracts entered into after 1st July 1980 which provide for deferred payments;
- (b) for limiting relief under section 9 of that Act to a number of chargeable periods determined by reference to the chargeable period mentioned in paragraph (a)(i) above; and
- (c) for taking into account for the purposes of petroleum revenue tax certain payments made to participators by the Secretary of State or the Department of Commerce for Northern Ireland by reference to licences granted under the Petroleum (Production) Act 1934 or the Petroleum (Production) Act (Northern Ireland) 1964.—[Sir Geoffrey Howe.]
§
put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.