Updated: The daily values for all Category 1 crude oils for September 2016 have been added.
Introduction
Statute provides for the use of a defined market value where a participator in a UK oil field disposes of crude oil, liquefied petroleum gases (LPGs) and condensate otherwise than by way of a sale at arm’s length.
A separate market value is produced for each taxable crude blend and there are 2 types of crude oil for valuation purposes.
Category 1 oil
The crude oils that are valued using Price Reporting Agency data. At present these crudes are:
- Brent
- Ekofisk
- Flotta
- Forties
- Statfjord
The category 1 values for:
- 2016, 2015 and 2014 are shown above
- 2013 and earlier years are on the National Archives website
Category 2 oil
All other blends (including LPGs and condensates) are classed as category 2. Category 2 oils are valued with reference to deal data supplied to the Large Business Service Oil and Gas Sector in Petroleum Revenue Tax Returns. The methodologies used resemble the way each particular blend is sold at arm’s length and are agreed with industry.
Source: HMRC