Taxes Consolidation Act 1997 section 696K

Returns

Section 696K requires companies carrying on petroleum activities to file a detailed return of petroleum production tax information alongside their annual corporation tax return.

• Companies with petroleum activities in a taxable field must file a PPT return on a prescribed form by the corporation tax specified return date, showing cumulative field costs, cumulative field gross revenue, a breakdown of those amounts, and the PPT payable for each field.
• The return must be filed electronically via the Revenue Online System (ROS), and Revenue officers may make enquiries to verify the accuracy of any details submitted.
• A PPT return cannot be required earlier than the specified return date for the corporation tax return for the chargeable period, and a Revenue officer's certificate of non-filing is evidence of failure to file unless the contrary is proved.
• The same penalties that apply to failure to file a corporation tax return, or to filing an incorrect return, apply equally to PPT returns under this section.