Inland Revenue Commissioners v Amerada Hess Ltd: ChD 20 Mar 2001

An oil exploration company was able to set off against the charge to Petroleum Revenue Tax on its profits from the exploitation of an oilfield, the cost of abortive explorations outside the field but less than five kilometers away. The transitional provisions following the abandonment of the tax on new oilfields did not affect this issue.

Citations:

Times 20-Mar-2001

Statutes:

Oil Taxation Act 1975

Taxes Management

Updated: 08 April 2022; Ref: scu.82339