Finance Act, 1992

Hydrocarbons.

150.—(1) The duty of excise on mineral hydrocarbon light oil imposed by paragraph 11 (1) of the Order of 1975 shall, in lieu of the rate specified in section 40 (1) of the Finance Act, 1989 , be charged, levied and paid, as on and from the 1st day of May, 1992, at the rate of £28.70 per hectolitre.

(2) For the purposes of the rebate of duty on mineral hydrocarbon light oil provided for in section 56 (3) of the Finance Act, 1988 , section 89 of the Finance Act, 1990 , shall apply as on and from the 1st day of May, 1992, as if the reference therein to section 40 (1) of the Finance Act, 1989 , were instead a reference to subsection (1).

(3) With effect from the 1st day of July, 1992, section 42 (2) of the Finance Act, 1976 , is hereby amended by the substitution of “£0.085” for “£0.08” (inserted by the Finance Act, 1983 ) and, accordingly, paragraph 5 (10) (which provides that the said £0.08 is to have effect as if there were substituted “£0.17”) of the Imposition of Duties (No. 285) (Excise Duties) Order, 1987 ( S.I. No. 19 of 1987 ), shall cease to have effect from that date.