Taxes Consolidation Act 1997 Schedule 1, paragraph 1

Information

Schedule 1, paragraph 1 requires holders of petroleum exploration licences to provide Revenue with information about offshore activities and related employee payments when requested by an inspector.

• A holder of a licence under the Petroleum and Other Minerals Development Act 1960 must comply with a notice from an inspector to provide specified information.
• The notice must allow at least 30 days for the licence holder to respond.
• The information required covers transactions connected with licensed activities that may give rise to income tax or corporation tax, and emoluments paid to persons working in the licensed area.
• The licence holder must take reasonable steps to obtain the information needed to comply with the notice.