OT04060 - PRT: administration: returns by responsible person - PRT 2
OTA75\SCH2\PARA5
The Responsible Person (RP) is required, for each chargeable period, to submit to LB Oil & Gas a return on form PRT 2 within one month after the end of that chargeable period unless an extension of the time allowed for the delivery of a return has been agreed by LB Oil & Gas (for deferral of returns, see the appendix 8 at OT19560 and appendix 8a at OT19565).
The main purpose of this return is to provide basic details about the oil won and saved from each field in each period. The figures should be reconciled with the quantities returned by each participator in the field on the PRT 1 return (see OT04090).
The PRT 2 is a three-part form requiring the following details:
- Part A - a statement of oil won and saved (see OT17200).
- Part B - a statement of the total shares of oil won and saved in the period for each participator.
- Part C - particulars required for the determination of the amount of tariff receipts allowance (see OT15600).
The section of PRT 2 relating to APIs on page 1, Section A, no longer needs to be completed from 23 November 2016. The conversion factors on page 1 are still required.
Additionally, the section of PRT 2 relating to the oil allowance on page 2, Section B, no longer needs to be completed from 23 November 2016. This is the section requiring the conversion of oil won and saved into metric tonnes. The section is no longer relevant following the permanent zero-rating of PRT.
Declarations
A statutory declaration that the return is correct and complete is required as part of the return. This is included on a separate form PRT (D2). The RP must ensure that a declaration is made on a form PRT (D2) for every PRT 2 that has been completed and delivered. The declaration must be signed by an authorised officer of the company and returned to the LB Oil & Gas with the PRT 2.