| Act of Parliament | |
 | |
| Long title | An Act to impose a new tax in respect of profits from substances won or capable of being won under the authority of licences granted under the Petroleum (Production) Act 1934 or the Petroleum (Production) Act (Northern Ireland) 1964; to make in the law relating to income tax and corporation tax amendments connected with such substances or with petroleum companies; and for connected purposes. |
|---|---|
| Citation | 1975 c. 22 |
| Introduced by | The Paymaster-General, Edmund Dell. 27 November 1974 (Second Reading) (Commons) |
| Territorial extent |
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| Dates | |
| Royal assent | 8 May 1975 |
| Commencement | 8 May 1975 |
| Other legislation | |
| Amended by | see text |
Status: Amended | |
The Oil Taxation Act 1975 (c. 22) is a UK Act of Parliament relevant for UK enterprise law that was intended to ensure that oil and gas extraction companies operating in British territories and waters paid their fair share of tax. Over many years of amendments it was largely eliminated over 2015 and 2016, as the Petroleum Revenue Tax was cut to zero.
The Oil Taxation Act 1975 received royal assent on 8 May 1975. Its long title is ‘An Act to impose a new tax in respect of profits from substances won or capable of being won under the authority of licences granted under the Petroleum (Production) Act 1934 or the Petroleum (Production) Act (Northern Ireland) 1964; to make in the law relating to income tax and corporation tax amendments connected with such substances or with petroleum companies; and for connected purposes’.