Paragraph 2 C1

United Kingdom

(1)

The proposed transactions which may be nominated by a participator in an oil field for the purposes of this Schedule are—

(a)

proposed sales at arms’s length by the participator of specified quantities of oil for delivery from that oil field; and

F1(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(d)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4....

(2)

Where a proposed sale is nominated before a contract of sale comes into being, any reference in this Schedule to the contract of sale is a reference to the subsequent contract for the sale of oil in accordance with the terms of the nomination; and, accordingly, if no such contract of sale comes into being, the nomination of the proposed sale shall be of no effect.

(3)

A particpator may not nominate a proposed sale if—

(a)

under the terms of the contract of sale as orginally entered into, the party undertaking to sell the oil is someone other than the participator; or

(b)

it is of a description prescibed for the purposes of this sub-paragraph by regulations made by the board.

Annotations

Textual amendments

F1: Sch. 10 para. 2(1)(b) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(3)(a), Sch. 26 Pt. 5(2)
F2: Sch. 10 para. 2(1)(c) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(3)(a), Sch. 26 Pt. 5(2)
F3: Sch. 10 para. 2(1)(d) omitted (with effect in accordance with s. 150(14) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 150(3)(a)
F4: Words in Sch. 10 para. 2(1) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(3)(b), Sch. 26 Pt. 5(2)

Modifications

C1: See S.I. 1987 No. 1338 (in Part III) regns. 4–6—composite nominations

Notes on Schedule 10

Modifications

C1: For regulations supplementing and modifying Sch. 10 for certain cases see Part III (under “Petroleum Revenue Tax: nomination scheme for disposals and appropriations”)