Taxes Consolidation Act 1997 Schedule 1, paragraph 7

Schedule 1, paragraph 7 clarifies that references to petroleum licences in the Schedule also encompass petroleum leases granted under the same legislation.

• References to a licence granted under the Petroleum and Other Minerals Development Act 1960 include a lease granted under that Act
• The term "holders of a petroleum licence" therefore also covers holders of a petroleum lease
• This ensures that lease holders receive the same tax treatment as licence holders throughout Schedule 1
• The provision was inserted by section 44(c) of the Finance Act 2001