Petroleum Revenue Tax (PRT)

Rate		50%
Oil Allowance	Tonnage per chargeable period	Aggregate Total
Fields given development consent before 1 April 1982	250,000(approx, 10,000 barrels per day).	5,000,000
Fields given development Consent on or after 1 April 1982:
Onshore & Southern Basin Fields	125,000 (approx. 5,000 barrels per day)	2,500,000
All Other Fields	500,000 (approx. 20,000 barrels per day)	10,000,000
Safeguard Limit	80% of adjusted profit minus 15% of accumulated expenditure at end of period
Return periods	6 months to 30/6 and 31/12
Claim periods	6 months or 12 months ending 30/6 or 31/12
Appeals	3 years from date of claim