Paragraph 19

(1)

F1Neither paragraph 4 of Schedule 4 F2nor section 7 of the Oil Taxation Act 1983 shall apply to the disposal of an asset used in connection with an oil field if the disposal is by the old participator (or a person connected with him) to the new participator (or a person connected with him) and the disposal is in pursuance of the transfer by the old participator to the new participator of an interest in the field.

(2)

Section F3839 of the Taxes Act 1988 (connected persons) shall apply for the purposes of this paragraph.

Annotations

Textual amendments

F1: Oil Taxation Act 1983 (c. 56), Sch. 2 para. 6.
F2: Oil Taxation Act 1983 (c. 56), Sch. 2 para. 6.
F3: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Notes on Schedule 17

Modifications

C1

Definitions applied for purposes of Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 64—transfers of interests in oil fields.

Sch. 17 applied (27.7.1999) by 1999 c. 16, s. 97(3)

C2

See also Finance Act 1981 (c. 35), s. 112 for application of s. 111 of that Act (restriction of expenditure supplement) and Oil Taxation Act 1975 (c. 22), s. 9 (limit on amount of tax payable) in case of a transfer.