Paragraph 4

United Kingdom

F1(1)

If a nomination is made during business hours it shall be effective only if—

(a)

it is made within the period of two hours beginning with the transaction base time, and

(b)

it satisfies the requirements of paragraph 5.

(1A)

If a nomination is made outside business hours it shall be effective only if—

(a)

it is made within the period of two hours beginning with the transaction base time, and

(b)

it satisfies the requirements of paragraph 5 or 5A.

(1B)

For the purposes of this paragraph—

(a)

the transaction base time of a proposed transaction is such time on such date as the Board shall prescribe by regulations, and

(b)

“ business hours ” means the period beginning with 09.00 and ending with 17.00 ( UK time) on a business day (within the meaning of the Bills of Exchange Act 1882 (c. 61)).

F2(2)

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

F3( F42A)

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

(3)

The F5transaction base time prescribed for a proposed sale may be a F6time earlier than the time on which a legally binding agreement for the sale of the oil in question comes into being but may not be later than the time on which there is an agreed price at which any oil which is to be delivered pursuant to the contract of sale will be sold.

F7(4)

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

Annotations

Textual amendments

F1: Sch. 10 para. 4(1)-(1B) substituted for Sch. 10 para. 4(1) (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(a)(15)
F2: Sch. 10 para. 4(2) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(b), Sch. 26 Pt. 5(2)
F3: Sch. 10 para. 4(2A) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(b), Sch. 26 Pt. 5(2)
F4: Sch. 10 para. 4(2A) inserted (3.5.1994) by 1994 c. 9 s. 235(3)(b)
F5: Words in Sch. 10 para. 4(3) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(c)(i)
F6: Word in Sch. 10 para. 4(3) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(c)(ii)
F7: Sch. 10 para. 4(4) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(d), Sch. 26 Pt. 5(2)

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”)