Petroleum Revenue Tax Act 1980

Petroleum Revenue Act 1980
Act of Parliament
	Parliament of the United Kingdom
Long title	An Act to make new provision in respect of petroleum revenue tax so as to require payments on account of tax to be made in advance of the making of an assessment, to bring forward the date from which interest is payable on unpaid and overpaid tax and to provide for altering the rate at which such interest is payable.
Citation	1980 c. 1
Introduced by	Peter Rees, Treasury Minister of State, 10 December 1979 (Second Reading) (Commons)
Territorial extent	United Kingdom
Dates
Royal assent	31 January 1980
Commencement	31 January 1980
Other legislation
Amends	Oil Taxation Act 1975
Status: Amended

The Petroleum Revenue Tax Act 1980 (c. 1) is a UK act of Parliament associated with UK enterprise law that made new provisions for petroleum revenue tax (introduced by the Oil Taxation Act 1975). The act required that payments on account of tax should be made in advance of an assessment, and that interest payable on tax was brought forward.

Background

In introducing the Petroleum Revenue Tax Bill to Parliament in December 1979, the Treasury Minister of State, Peter Rees, admitted that the Bill was partly a response to the Government’s critical cash flow problem, caused by industrial action.^[1] The Bill was designed to advance the payments of petroleum revenue tax (PRT). It was estimated that the provisions would bring £700 million forward from 1980–81 into the financial year 1979–80. In addition, £300 million would be brought forward into 1980–81. It would also bring the regime for payment of PRT into line with that for the payment of royalties on North Sea oil revenues.^[1]