The Oil Taxation (Market Value of Oil) Regulations 2006
These Regulations prescribe which oils are Category 1 oils for the purposes of paragraph 2(2) of Schedule 3 to the Oil Taxation Act 1975. They also prescribe the methods of valuing Category 1 and Category 2 oils which are held as part of a participator’s stock, sold otherwise than at arm’s length or are relevantly appropriated.