OT04090 - PRT: Administration: Returns by Participators - PRT 1
OTA75\SCH2\PARA2
Each participator in a field is required, for each chargeable period, to submit to LBS Oil & Gas a return under OTA75\SCH2\PARA2 on form PRT 1 within two months after the end of that chargeable period unless an extension of the time allowed for the delivery of a return has been agreed by LBS Oil & Gas (for deferral of returns, see the appendix 8 at OT19560 and appendix 8a at OT19565).
The return is in three parts:
- Part 1 relates to the volumes and values of delivered product.
- Part 2 relates to the nomination scheme (see OT05200) and need only be completed by a participator who is not excluded from that scheme.
- Part 3 relates to tariff and disposal receipts (see OT15010), qualifying receipts arising from OTA75/SCH7 expenditure (see OT13860), exploration and appraisal and research expenditure (see OT13760) and abandonment guarantee reimbursement expenditure (see OT10400).
The statutory declaration required as part of this return is included on a separate form PRT (D1). Participators must ensure that the declaration is completed for every PRT 1 delivered. The declaration must be signed by an appropriate officer of the company and returned to LBS Oil & Gas with the form PRT 1.
The return should include the following information:
- copies of all new contracts, whether term or spot, under which oil and gas have been sold during the period;
- for non-arm's length disposals of gas,
- where a long-term gas election has been made under FA82\S134 (alternative valuation of certain ethane, see OT05355) and FA86\S109 (alternative valuation of certain light gases, see OT05355), a reconciliation of the prices returned with the price formulae in the election
- where a basis of valuation has been agreed under FA94\S236 and FA94\SCH23 (see OT05355), a computation of the returned prices.
