Paragraph 5

United Kingdom

C1(1)

F1The requirements of this paragraph for a nomination in respect of a proposed transaction are,—

(a)

the name of the participator;

(b)

F2..., the name of the person to whom the oil is to be F3sold;

(c)

the field from which the oil is to be delivered F4...;

(d)

the nominated price of the oil to be F5delivered F6...;

(e)

the nominal volume of that oil;

(f)

the proposed delivery month;

F7(g)

the transaction base time; and

(h)

such other information as may be prescribed by the Board.

(2)

A nomination F8made under this paragraph shall include a declaration that it is correct and complete and, in the case of a nomination of a proposed sale which is made before the contract of sale comes into being, shall also include a declaration that, to the best of the knowledge and belief of the participator making the nomination, a contract of sale will come into being in accordance with the terms of the nomination.

(3)

Where a participator fraudently or negligently furnishes any incorrect information or makes any incorrect declaration in or in connection with a nomination F9made under this paragraph he shall be liable to a penalty not exceeding £50,000 or, in the case of fraud, £100,000 F10and the nomination shall not be effective.

Annotations

Textual amendments

F1: Words in Sch. 10 para. 5(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(a)
F2: Words in Sch. 10 para. 5(1)(b) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(b), Sch. 26 Pt. 5(2)
F3: Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 2(1) for calendar months in chargeable periods beginning with March 1987
F4: Words in Sch. 10 para. 5(1)(c) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2)
F5: Word in Sch. 10 para. 5(1)(d) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(d)
F6: Words in Sch. 10 para. 5(1)(d) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2)
F7: Sch. 10 para. 5(1)(g) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(e)
F8: Words in Sch. 10 para. 5(2) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(f)
F9: Words in Sch. 10 para. 5(3) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(g)
F10: Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 2(2) for calendar months in chargeable periods beginning with March 1987

Modifications

C1: See S.I. 1987 No. 1338 (in Part III) regn. 3 for the manner of making nominations and regns. 6 and 20 for the modification of para. 5(1) in the case of composite nominations and blended oil respectively

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”)