Taxes Consolidation Act 1997 section 696L

Payment of tax

Section 696L sets out when petroleum production tax for a relevant period is due and payable.

• Petroleum production tax (PPT) for a relevant period must be paid on or before the date on which the company's income tax or corporation tax return for that period is due.
• The return deadline is determined by reference to section 959I, which sets the general filing dates for tax returns.
• This means that the PPT payment deadline is aligned with the company's normal tax return filing obligation for the same period.
• The provision applies to any company carrying on petroleum activities in a taxable field.