Overview

petroleum revenue tax


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(PRT)

A tax on the profits from sales of oil and gas extracted in the UK or on the continental shelf. This tax was the principal means enabling the UK government to obtain a share in the profits made from oil in the North Sea. It has been abolished for new oilfields that get consent on or after 16 March 1993. The current rate of tax is 50%.

Subjects: Financial Institutions and Services — Accounting.


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