TERMS OF PAYMENT TO BE IMPLIED IN DETERMINING MARKET VALUE

HC Deb 11 May 1983 vol 42 c835

Question proposed, That the clause stand part of the Bill.

Mr. Wakeham

The purpose of the clause is to put beyond doubt that, in ascertaining under the petroleum revenue tax rules the market value of oil, appropriated for a participator's own use or disposal other than at arm's length, normal commercial terms are to be assumed.

Question put and agreed to.

Clause 76 ordered to stand part of the Bill.