sec.40Use of expired gross value royalty decision

sec.40 Use of expired gross value royalty decision

This section applies if— a gross value royalty decision for a mineral (the original decision ) states that the decision applies for a particular period; and before the period ends (the expiry )— the holder for the mineral applies under section 35 for a gross value royalty decision for the mineral (the new decision ) proposed to take effect immediately after the expiry; or the revenue commissioner, under section 36 (3) , gives the holder for the mineral a notice stating that the revenue commissioner proposes to make a gross value royalty decision for the mineral (also the new decision ) to take effect immediately after the expiry; and on the expiry, the revenue commissioner has not made the new decision. For a mineral sold, disposed of or used by the holder for the mineral during the period starting immediately after the expiry and ending when a notice for the new decision is given to the holder under section 38 (6) — the holder, in complying with the holder’s obligations under the Act , must— work out the gross value of the mineral as if the original decision applies to the mineral for the period; and if the mineral is a relevant mineral—work out the average price as required under section 39 as if the original decision applies to the relevant mineral for the period; and the revenue commissioner must make any assessment of the amount of royalty payable for the mineral as if the original decision applies to the mineral for the period. This section applies subject to section 41 . In this section— relevant mineral means coal, iron ore or uranium. (sec.40-ssec.1) This section applies if— a gross value royalty decision for a mineral (the original decision ) states that the decision applies for a particular period; and before the period ends (the expiry )— the holder for the mineral applies under section 35 for a gross value royalty decision for the mineral (the new decision ) proposed to take effect immediately after the expiry; or the revenue commissioner, under section 36 (3) , gives the holder for the mineral a notice stating that the revenue commissioner proposes to make a gross value royalty decision for the mineral (also the new decision ) to take effect immediately after the expiry; and on the expiry, the revenue commissioner has not made the new decision. (sec.40-ssec.2) For a mineral sold, disposed of or used by the holder for the mineral during the period starting immediately after the expiry and ending when a notice for the new decision is given to the holder under section 38 (6) — the holder, in complying with the holder’s obligations under the Act , must— work out the gross value of the mineral as if the original decision applies to the mineral for the period; and if the mineral is a relevant mineral—work out the average price as required under section 39 as if the original decision applies to the relevant mineral for the period; and the revenue commissioner must make any assessment of the amount of royalty payable for the mineral as if the original decision applies to the mineral for the period. (sec.40-ssec.3) This section applies subject to section 41 . (sec.40-ssec.4) In this section— relevant mineral means coal, iron ore or uranium.