|
Petroleum Revenue Tax Act 1980
The Petroleum Revenue Tax Act 1980 (1980 c. 1) is a UK Act of Parliament associated with UK enterprise law that made new provisions for petroleum revenue tax (introduced by the Oil Taxation Act 1975). The Act required that payments on account of tax should be made in advance of an assessment, and that interest payable on tax was brought forward. Background In introducing the Petroleum Revenue Tax Bill to Parliament in December 1979, the Treasury Minister of State, Peter Rees, admitted that the Bill was partly a response to the Government’s critical cash flow problem, caused by industrial action. The Bill was designed to advance the payments of petroleum revenue tax (PRT). It was estimated that the provisions would bring £700 million forward from 1980–81 into the financial year 1979–80. In addition, £300 million would be brought forward into 1980–81. It would also bring the regime for payment of PRT into line with that for the payment of royalties on North Sea oil re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Act Of Parliament
In the United Kingdom an act of Parliament is primary legislation passed by the Parliament of the United Kingdom. An act of Parliament can be enforced in all four of the constituent countries of the United Kingdom, UK constituent countries (England, Scotland, Wales and Northern Ireland); however as a result of Devolution in the United Kingdom, devolution the majority of acts that are now passed by Parliament apply either to England and Wales only, or England only; whilst generally acts only relating to Reserved and excepted matters, constitutional and reserved matters now apply to the whole of the United Kingdom. A draft piece of legislation is called a Bill (law), bill; when this is passed by Parliament and given Royal Assent, it becomes an act and part of statute law. Classification of legislation Acts of Parliament are classified as either "public general acts" or "local and personal acts" (also known as "private acts"). Bills are also classified as "public", "priva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
