Traders disposing of category 1 oil extracted from UK fields without an arm’s length sale can now access HMRC guidance on the statutory market values required for compliance. The values establish a reference point for determining the taxable value when oil is not sold under normal commercial terms. This guidance applies to operators and traders involved in petroleum extraction and disposal in UK territorial waters. The statutory values ensure consistent valuation treatment across the sector for tax and duty purposes.
Source: HMRC (GOV.UK) – Read the original