# Finance Act 1980, Paragraph 21


Where the old participator retains a share of the oil won from the field in pursuance of an agreement between him and the new participator under which the latter undertakes to be responsible for carrying out the old participator’s obligations in connection with the field so far as they relate to that share—
(a) that share shall be taken to belong to the new participator; and
(b) any oil comprised in that share shall be treated as oil acquired by the old participator under an agreement to which paragraph 6 of Schedule 3 applies.

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Source: https://www.legislation.gov.uk/ukpga/1980/48/schedule/17/paragraph/21 (the official version)
Page: https://openlegislation.uk/finance-act-1980/schedule-17/paragraph-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.