Heat the oil in a large pot over medium-high heat.
Season the oxtail with salt and pepper, then add it to the pot in batches to brown on all sides.
Remove the browned oxtail and set aside. Add onions, garlic, and bell peppers to the pot.
Add thyme, allspice, and paprika, stirring to combine.
Pour in the beef broth and add the browned oxtail back to the pot.
Add soy sauce, carrots, and whole Scotch bonnet peppers.
Bring the mixture to a boil, then reduce heat to low and cover.
Simmer for about 2 to 3 hours, or until the oxtail is fork-tender.
Check the seasoning and adjust with salt and pepper as needed.
Serve hot, removing the whole Scotch bonnet before enjoying.