OT21005 - Corporation Tax Ring Fence and Supplementary Charge

Oil Defined

S502(1) provides that oil means any substance won or capable of being won under the authority of a licence granted under either the Petroleum Act 1998 (or, before 15 February 1998, the Petroleum (Production) Act 1934) ( OT00040) or the Petroleum (Production) Act (Northern Ireland) 1964, other than methane gas won in the course of operations for making and keeping mines safe. The word "oil" includes gas and other substances which can be won under licences issued by the DTI.