Paragraph 8

(1)

There shall be transferred to the new participator the whole or, if the transfer is of part of the old participator’s interest in the field, a corresponding part of the amount which under section 9(3) is the old participator’s accumulated capital expenditure at the end of F1the last chargeable period before the transfer period.

(2)

Subject to paragraph 18 below, any amount transferred under this paragraph shall be treated for the purposes of section 9(3) as, or as part of, the new participator’s accumulated capital expenditure at the end of the transfer F2period and later chargeable periods and not as, or as part of, the old participator’s accumulated capital expenditure at the end of any such period.

Annotations

Textual amendments

F1: Finance Act 1981 (c. 35), s. 114(2)(b) with effect whether the participator's net profit period ends before or after the passing of that Act.
F2: Finance Act 1981 (c. 35), s. 114(2)(c) with effect whether the participator's net profit period ends before or after the passing of that Act.

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.