Paragraph 20

Where in pursuance of the transfer of the whole or part of his interest in the field the old participator transfers his right to any oil already won from the field to the new participator, that oil—

(a)

shall not be taken into account under section 2(5) in computing the old participator’s assessable profit or allowable loss in the transfer period; but

(b)

shall be taken into account under section 2(5) in computing the new participator’s assessable profit or allowable loss as if it were included in his share of the oil won from the field.

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.