Finance Act 1987
1987 c. 16
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[15th May 1987]
Most Gracious Sovereign,We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
(1) After section 13 of the Hydrocarbon Oil Duties Act 1979 there shall be inserted the following section—
Rebate on unleaded petrol.
13A (1) On unleaded petrol charged with the excise duty on hydrocarbon oil and delivered for home use there shall be allowed at the time of delivery a rebate of duty at the rate of £0.0096 a litre.
(2) For the purposes of this section petrol is “unleaded” if it contains not more than 0.013 grams of lead per litre of petrol or, if the petrol is delivered for home use before 1st April 1990, not more than 0.020 grams of lead per litre of petrol.
(3) Rebate shall not be allowed under this section in any case where it is allowed under section 14 below.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) This section shall be deemed to have come into force at 6 o’clock in the evening of 17th March 1987.
3 Abolition of general betting duty on on-course bets.
(1) General betting duty shall not be chargeable on any bet made on or after 29th March 1987 which is an on-course bet within the meaning of Part I of the Betting and Gaming Duties Act 1981 (in this section referred to as “the 1981 Act”) and, accordingly, with respect to bets made on or after that date, section 1 of the 1981 Act (charge to, and rates of, duty) shall be amended as follows—
(a) in subsection (1) after the words “on any bet” there shall be inserted “ which is not an on-course bet and ”; and
(b) in subsection (2) the words from the beginning of paragraph (a) to “bet” in paragraph (b) shall be omitted.
(2) With respect to bets made on or after 29th March 1987 but before the betting commencement date within the meaning of section 6 of the Finance Act 1986, Part III of the Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972 (in this section referred to as “the 1972 Act”) (which made separate provision for Northern Ireland corresponding to that made by the 1981 Act and which ceased to have effect on the betting commencement date except in relation to bets made before that date) shall be deemed to have been amended as follows—
(a) in section 16(1) (charge of duty) after the words “on any bet” there shall be inserted “ which is not an on-course bet and ”; and
(b) in section 17 (rates of duty) in subsection (1) paragraph (a) and, in paragraph (b), the words from the beginning to “bet” shall be omitted.
(3) In Schedule 1 to the 1981 Act (supplementary provisions)—
(a) in paragraph 1 (definitions) at the end of the definition of “general betting business” there shall be added the words “ or would or might involve such sums becoming so payable if on-course bets were not excluded from that duty ”; and
(b) in paragraph 2 (power to make regulations for administration of general betting duty) in sub-paragraph (4)(a) after the words “liable for duty” there shall be inserted “ or would be or might be or become liable for duty if on-course bets were not excluded from duty ”.
(4) The amendments made by subsection (3) above shall be deemed to have come into force on 29th March 1987.
(5) During the period beginning with 29th March 1987 and ending with the betting commencement date within the meaning of section 6 of the Finance Act 1986, in Schedule 2 to the 1972 Act (supplementary provisions) the references to a business which involves, or may involve, general betting duty becoming payable by any person and the references to any activity by reason of which a person is or may be or become liable for that duty shall be deemed to have included respectively references to a business which would or might involve that duty becoming payable, and to an activity by reason of which a person would be or might be or become liable for that duty, if on-course bets were not excluded from that duty.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) In subsection (3) of section 26 of the 1981 Act (which provides that if one or more gaming machines are made available on any premises in such a way that they can be played, any gaming machine anywhere on the premises shall be treated as provided for gaming) after the word “and” there shall be inserted “ subject to subsection (3A) below ”.
(3) After subsection (3) of the said section 26 there shall be inserted the following subsection—
(3A) The Commissioners may by regulations make provision for the purpose of enabling spare gaming machines to be kept on premises for use in the case of the breakdown of other gaming machines on those premises; and such regulations may provide that, in such circumstances and subject to such conditions as may be specified in the regulations, a gaming machine on any premises which is not made available as mentioned in subsection (3) above, or is not in a state in which it can be played, shall not be treated by virtue of that subsection as provided for gaming on those premises.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Powers of search and access etc. in respect of vehicles. 1979 c. 2.
(1) In section 27 of the Customs and Excise Management Act 1979 (officers’ power of boarding) in subsection (1) for the words from “a vehicle” to “any officer” there shall be substituted
a vehicle is—
(a) entering, leaving or about to leave the United Kingdom,
(b) within the prescribed area,
(c) within the limits of or entering or leaving a port or any land adjacent to a port and occupied wholly or mainly for the purpose of activities carried on at the port,
(d) at, entering or leaving an aerodrome,
(e) at, entering or leaving an approved wharf, transit shed, customs warehouse or free zone, or
(f) at, entering or leaving any such premises as are mentioned in subsection (1) of section 112 below,
any officer
.
(2) In section 28 of that Act (officers’ powers of access, etc.) in subsection (1) after the words “any vehicle” there shall be inserted “ which falls within paragraphs (a) to (f) of subsection (1) of section 27 above or is ”.
(1) In section 58A of the Customs and Excise Management Act 1979 (local export control) at the end of subsection (1) there shall be inserted “ and, subject to and to such modifications as may be specified in the directions, this section and section 58D below shall apply in relation to goods which, for the purposes of any Community regulation relating to export refunds or monetary compensatory amounts, are treated as exports as if the supply of the goods were their exportation or, as the case may require, their shipping for exportation ”.
(2) In subsection (3)(b) of that section (conditions for the application of local export control) after the word “shipped” there shall be inserted “ for exportation or exported by land ”.
(3) After subsection (7) of that section (power of Commissioners to relax requirements) there shall be inserted—
(7A) Without prejudice to the powers of the Commissioners under subsection (7) above, they may direct that, in relation to goods of a description specified in the directions which are shipped for exportation or exported by land by an exporter of a description so specified, paragraph (a) of subsection (3) above shall have effect as if—
(a) in sub-paragraph (i) the words “time and” were omitted; and
(b) for sub-paragraph (ii) there were substituted—
(ii) at the time that notice is delivered or immediately thereafter, the exporter enters such paarticulars of the goods and of such other matters as may be required by the directions in a record maintained by him at such place as the proper officer may require; and
(iii) the proper officer informs the exporter that he consents to the removal of the goods; and
(4) In section 58D of that Act (operative date for Community purposes) in subsection (2) (b) for the words following “above” there shall be substituted “ as set out in section 58A(7A)(b) above, the day entry is made ”.
9 Records relating to importation and exportation.
After section 75 of the Customs and Excise Management Act 1979 there shall be inserted the following—
Keeping and preservation of records
Records relating to importation and exportation.
75A (1) Every person who is concerned (in whatever capacity) in the importation or exportation of goods of which an entry or specification is required for that purpose by or under this Act shall keep such records as the Commissioners may require.
(2) The Commissioners may require any records kept in pursuance of this section to be preserved for such period not exceeding four years as they may require.
(3) The duty under this section to preserve records may be discharged by the preservation of the information contained therein by such means as the Commissioners may approve; and where that information is so preserved a copy of any document forming part of the records shall, subject to the following provisions of this section, be admissible in evidence in any proceedings, whether civil or criminal, to the same extent as the records themselves.
(4) The Commissioners may, as a condition of an approval under subsection (3) above of any means of preserving information, impose such reasonable requirements as appear to them necessary for securing that the information will be as readily available to them as if the records themselves had been preserved.
(5) The Commissioners may at any time for reasonable cause revoke or vary the conditions of any approval given under subsection (3) above.
(6) A statement contained in a document produced by a computer shall not by virtue of subsection (3) above be admissible in evidence—
(a) in civil proceedings in England and Wales, except in accordance with sections 5 and 6 of the Civil Evidence Act 1968;
(b) in criminal proceedings in England and Wales, except in accordance with sections 68 to 70 of the Police and Criminal Evidence Act 1984;
(c) in civil proceedings in Northern Ireland, except in accordance with sections 2 and 3 of the Civil Evidence Act (Northern Ireland) 1971; and
(d) in criminal proceedings in Northern Ireland, except in accordance with the said sections 2 and 3, which shall, for the purposes of this section, apply with the necessary modifications to such proceedings.
In section 77 of the Customs and Excise Management Act 1979 (information in relation to goods imported, exported or shipped for carriage coastwise) in subsection (1)(a) the words “importation, exportation or” shall be omitted, and after that section there shall be inserted the following section—
Information powers.
77A (1) Every person who is concerned (in whatever capacity) in the importation or exportation of goods for which an entry or specification is required for that purpose by or under this Act shall—
(a) furnish to the Commissioners, within such time and in such form as they may reasonably require, such information relating to the goods or to the importation or exportation as the Commissioners may reasonably specify; and
(b) if so required by an officer, produce or cause to be produced for inspection by the officer—
(i) at the principal place of business of the person upon whom the demand is made or at such other place as the officer may reasonably require, and
(ii) at such time as the officer may reasonably require,
any documents relating to the goods or to the importation or exportation.
(2) Where, by virtue of subsection (1) above, an officer has power to require the production of any documents from any such person as is referred to in that subsection, he shall have the like power to require production of the documents concerned from any other person who appears to the officer to be in possession of them; but where any such other person claims a lien on any document produced by him, the production shall be without prejudice to the lien.
(3) An officer may take copies of, or make extracts from, any document produced under subsection (1) or subsection (2) above.
(4) If it appears to him to be necessary to do so, an officer may, at a reasonable time and for a reasonable period, remove any document produced under subsection (1) or subsection (2) above and shall, on request, provide a receipt for any document so removed; and where a lien is claimed on a document produced under subsection (2) above, the removal of the document under this subsection shall not be regarded as breaking lien.
(5) Where a document removed by an officer under subsection (4) above is reasonably required for the proper conduct of a business, the officer shall, as soon as practicable, provide a copy of the document, free of charge, to the person by whom it was produced or caused to be produced.
(6) Where any documents removed under the powers conferred by this section are lost or damaged, the Commissioners shall be liable to compensate their owner for any expenses reasonably incurred by him in replacing or repairing the documents.
(7) If any person fails to comply with a requirement under this section, he shall be liable on summary conviction to a penalty of level 3 on the standard scale.
—In section of the Finance Act 1946 and in section 28 of the Finance (No. 2) Act (Northern Ireland) 1946—
(a) for the definition in subsection (1) of “unit trust scheme” there shall be substituted—
“unit trust scheme” has the same meaning as in the Financial Services Act 1986 (but subject to subsection (1A) of this section)
;
(b) in the definition in subsection (1) of “trust instrument”, for the words from “by virtue” to “aforesaid” there shall be substituted the words “ on which the property in question is held ”;
(c) after subsection (1) there shall be inserted—
(1A) The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Part of this Act.
(1B) Regulations under this section—
(a) may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and
(b) shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.
.
(1) Where an interest in, a right to an allotment of or to subscribe for, or an option to acquire or to dispose of, exempt securities is transferred to or vested in any person by any instrument, no stamp duty shall be chargeable on the instrument by virtue of Part I ..., of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)
(2) No stamp duty under Schedule 15 to the Finance Act 1999 (bearer instruments) shall be chargeable —
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) on the transfer of the interest, right or option constituted by, or transferable by means of, an instrument which relates to an interest, right or option within subsection (1).
(3) For the purposes of this section, “exempt securities” means —
(a) securities the transfer of which is exempt from all stamp duties,
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c) securities the transfer of which is exempt by virtue of section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967 or section 79(2) of the Finance Act 1986 from stamp duty under Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments);
and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) In section 70(6) of the Finance Act 1986 (transfer of securities to clearance system), for the word “relevant” (in each place where it occurs) there shall be substituted the words “shares, stock or other marketable”.
(2) The amendments made by this section have effect in relation to instruments executed on or after 1st August 1987.
(1) Where any conveyance, transfer or lease is made or agreed to be made
(a) to a Minister of the Crown or
(b) to the solicitor for the affairs of Her Majesty’s Treasury, or
(c) to the Welsh Ministers, the First Minister for Wales, the Counsel General to the Welsh Assembly Government or the National Assembly for Wales Commission,or
(d) to the Northern Ireland Assembly Commission
no stamp duty shall be chargeable under Part I or II, paragraph 16, of Schedule 13 to the Finance Act 1999 on the instrument by which the conveyance, transfer or lease, or the agreement for it is effected.
(2) In this section “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975.
(3) Article 3(6) of the Secretary of State for the Environment Order 1970 and Article 4(5) of the Secretary of State for Transport Order 1976 (which excempt transfers by, to or with those Ministers) shall cease to have effect.
(4) This section applies to instruments executed on or after 1st August 1987.
(1) In the Inheritance Tax Act 1984 (in this Part of this Act referred to as “the 1984 Act”) section 8(1) (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1987.
(2) For the Table in Schedule 1 to that Act there shall be substituted the Table set out below:
Table of Rates of Tax
Portion of value | Rate of tax
Lower limit | Upper limit | Per cent
£ | £
Lower Limit £ | Upper Limit £ | Per cent.
0 | 90,000 | Nil
90,000 | 140,000 | 30
140,000 | 220,000 | 40
220,000 | 330,000 | 50
330,000 | 60
(3) Subsection (2) above applies to any chargeable transfer (within the meaning of the 1984 Act) made on or after 17th March 1987.
58 Securities, other business property and agricultural property.
(1) The 1984 Act and Schedule 20 to the Finance Act 1986 (gifts with reservation) shall have effect subject to the amendments in Schedule 8 to this Act, being amendments—
(a) making provisions with respect to the treatment for the purposes of the 1984 Act of shares and securities dealt in on the Unlisted Securities Market;
(b) making other amendments of Chapter I of Part V of the 1984 Act (business property);
(c) making provision with respect to the application to certain transfers of relief under that Chapter and under Chapter II of that Part (agricultural property); and
(d) making provision with respect to the payment of tax by instalments.
(2) Subject to subsection (3) below, Schedule 8 to this Act shall have effect in relation to transfers of value made, and other events occurring, on or after 17th March 1987.
(3) The amendments of the 1984 Act made by Schedule 8 to this Act shall be disregarded in determining under section 113A(3) or section 113B(3) of the 1984 Act whether any property acquired by the transferee before 17th March 1987 would be relevant business property in relation to a notional transfer of value made on or after that date.
(1) In section 233 of the 1984 Act (interest on unpaid tax) in subsection (1), at the beginning of the words following paragraph (c) there shall be inserted the words “ then, subject to subsection (1A) below ”.
(2) After subsection (1) of that section there shall be inserted the following subsection—
(1A) If, under section 230 above, the Board agree to accept property in satisfaction of any tax on terms that the value to be attributed to the property for the purposes of that acceptance is determined as at a date earlier than that on which the property is actually accepted, the terms may provide that the amount of tax which is satisfied by the acceptance of the property shall not carry interest under this section from that date.
(3) This section applies in any case where the acceptance referred to in section 230 of the 1984 Act occurs on or after 17th March 1987.
(1) The provisions of Schedule 10 to this Act shall have effect, being provisions for and in connection with the establishment of a scheme of nominations by participators in oil fields of certain proposed sales ... of oil.
(2) Nothing in this section or Schedule 10 to this Act applies—
(a) to oil which is gaseous at a temperature of 15 degrees centigrade and pressure of one atmosphere; or
(b) to oil of a kind which is normally disposed of crude by deliveries in quantities of 25,000 metric tonnes or less; or
(c) to oil which is excluded from this section by regulations under subsection (8) below;
and references to oil in this section and Schedule 10 to this Act shall be construed accordingly.
(3) If the market value of a relevant delivery ascertained in accordance with Schedule 3 to the principal Act exceeds a participator's delivery proceeds of a relevant delivery (within the meaning given by Schedule 10), the excess shall be brought into account by him in accordance with section 2(5)(e) of the principal Act.
(4) If a relevant delivery is a delivery of blended oil within the meaning of section 63, regulations under section 2(5B) of the principal Act shall apply for the purposes of determining the proportion of the excess attributable to a field.
(4A) For each month in which a participator makes a relevant delivery, his monthly excess is the sum of his excesses (if any) calculated in accordance with subsection (3).
(4B) For each chargeable period of an oil field “ the excess of nominated proceeds for the period ” means, in relation to a participator in the oil field, that proportion of the sum of his monthly excesses for the chargeable period (if any) which is attributable to the field.
(5) In subsection (5) of section 2 of the principal Act (amounts to be taken into account in determining whether a gross profit or loss accures to a participator in any chargeable period) at the end of paragraph (d) there shall be added
and”
(e) the excess of the nominated proceeds for that period, as defined in section 61 of the Finance Act 1987.
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) The Board may by regulations made by statutory instrument make provision, including provision having effect with respect to things done on or after 1st July 2006,—
(a) as to oil which is excluded from this section, as mentioned in subsection (2) above; and
(b) for any purpose for which regulations, other than those described as “Treasury regulations”, may be made under Schedule 10 to this Act;
and regulations made by virtue of paragraph (a) above may amend paragraphs (a) and (b) of subsection (2) above.
(9) A statutory instrument made in the exercise of the power conferred by ... subsection (8) above shall (unless otherwise expressly provided) be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
62 Market value of oil to be determined on a monthly basis.
(1) In the following provisions of the principal Act (which refer to the market value of oil at the material time in a particular calendar month) the words “at the material time” shall be omitted—
(a) in section 2 (assessable profits and allowable losses), in subsection (9), paragraphs (a)(i) and (a)(ii);
(b) in section 5A (allowance of exploration and appraisal expenditure), subsection (5B);
(c) in section 14 (valuation of oil disposed of or appropriated in certain circumstances), subsections (4) and (4A)(b); and
(d) in paragraph 2 of Schedule 2 (returns by participators), sub-paragraphs (2)(a)(iii) and (2)(b)(ii).
(2) In the following provisions of the principal Act (which refer to the market value of stocks of oil at the end of a chargeable period) for the words “at the end” there shall be substituted “ in the last calendar month” ”
(a) section 2(4)(b);
(b) section 2(5)(d); and
(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and in the provisions specified in paragraphs (a) and (b) above for the word “then” there shall be substituted “ at the end of that period ”.
(3) In Schedule 3 to the principal Act (miscellaneous provisions relating to petroleum revenue tax) paragraphs 2, 2A and 3 (market value of oil) shall be amended in accordance with Part I of Schedule 11 to this Act; and the consequential amendments of the principal Act in Part II of that Schedule shall have effect.
(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).
(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—
(a) the date of the contract of sale;
(b) the name of the seller;
(c) the name of the buyer;
(d) the quantity of Category 2 oil actually sold and, if it is different, the quantity of Category 2 oil contracted to be sold;
(e) the price receivable for that Category 2 oil;
(f) the date which, under the contract, was the date or, as the case may be, the latest date for delivery of the Category 2 oil and the date on which the Category 2 oil was actually delivered; and
(g) such other particulars as the Board may prescribe.
(5) Where two or more companies which are participators in the same oil field are members of the same group of companies, within the meaning of section 413 of the Taxes Act, a return made for the purposes of subsection (4) above by one of them and expressed also to be made on behalf of the other or others shall be treated for the purposes of this section as a return made by each of them.
(6) For the purposes of the return required by subsection (4) above from a participator in an oil field, a relevant sale of Category 2 oil is a contract for the sale of Category 2 oil at arm’s length to which the participator or any company which is resident in the United Kingdom and associated with the participator for the purposes of section 115(2) of the Finance Act 1984 is a party (as seller, buyer or otherwise), being a sale of Category 2 oil—
(a) for delivery at any time during the chargeable period referred to in subsection (3A) above; and
(b) details of which are not included in a return for the period under paragraph 2 of Schedule 2 to the principal Act which is delivered to the Board at the same time as the return required by subsection (4) above or which was delivered to them previously; and
(c) which is for the delivery of at least 500 metric tonnes of Category 2 oil; ...
(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) A return under subsection (4) above shall be in such form as the Board may prescribe and shall include a declaration that the return is correct and complete; and if a participator fails to deliver a return under that subsection he shall be liable—
(a) to a penalty not exceeding £500; and
(b) if the failure continues after it has been declared by the court or the tribunal before which proceedings for the penalty have been commenced, to a further penalty not exceeding £100 for each day on which the failure so continues;
except that a participator shall not be liable to a penalty under this subsection if the failure is remedied before proceedings for the recovery of the penalty are commenced.
(8) Where a participator fraudulently or negligently delivers an incorrect return under subsection (4) above, he shall be liable to a penalty not exceeding £2,500 or, in the case of fraud, £5,000.
(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).
(9) This section has effect with respect to chargeable periods ending after 31st December 1986.
(1) This section applies if, at any time before its disposal or relevant appropriation, oil won from an oil field (“the relevant field”) in a chargeable period (“the relevant period”) is mixed with oil won from one or more other oil fields.
(2) A relevant participator's share of oil won from the relevant field in the relevant period is to be taken to be the amount of the blended oil that it is just and reasonable (for the purposes of the oil taxation legislation) to allocate to the participator in respect of the relevant period.
(3) In making the allocation regard must be had (in particular) to the quantity and quality of the oil derived from each of the originating fields.
(4) If the participators in the originating fields select a method for making the allocation, that method is to be used to determine that allocation.
(5) But that is subject to Schedule 12.
(6) If the participators in the originating fields fail to select a method for making the allocation, HMRC may select a method.
(7) In a case where only some oil won from the relevant field in the relevant period is, before its disposal or relevant appropriation, mixed with oil won from one or more other fields, subsection (2) has effect for the purpose of determining the amount of the blended oil that is to be taken to be included in a relevant participator's share of oil won from the relevant field.
(8) Schedule 12 contains provision supplementing this section.
(9) In this section and Schedule 12—
“blended oil” means oil that consists of oil from two or more oil fields that has been mixed;
“foreign field” means an area which is a foreign field for the purposes of section 12 of the Oil Taxation Act 1983;
“oil” includes any substance which would be oil if the enactments mentioned in section 1(1) of the principal Act extended to a foreign field;
“oil field” includes a foreign field;
“oil taxation legislation” means Part 1 of the principal Act and any enactment construed as one with that Part;
“originating fields”, in relation to any blended oil, means the oil fields from which oil which has been mixed as mentioned in subsection (1);
“relevant participator” means a person who is a participator in the relevant field at any time in the relevant period.