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:
Jurisdiction:
England and Wales
Taxes Management
Updated: 17 June 2022; Ref: scu.82339
