{
  "url": "https://openlegislation.uk/finance-act-1987/schedule-10/paragraph-5",
  "json_url": "https://openlegislation.uk/finance-act-1987/schedule-10/paragraph-5.json",
  "legislation": "ukpga/1987/16",
  "legislation_title": "Finance Act 1987",
  "legislation_url": "https://openlegislation.uk/finance-act-1987",
  "path": "schedule/10/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) The requirements of this paragraph for a nomination in respect of a proposed transaction are,—\n(a) the name of the participator;\n(b) ..., the name of the person to whom the oil is to be sold;\n(c) the field from which the oil is to be delivered ...;\n(d) the nominated price of the oil to be delivered ...;\n(e) the nominal volume of that oil;\n(f) the proposed delivery month;\n(g) the transaction base time; and\n(h) such other information as may be prescribed by the Board.\n(2) A nomination made 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.\n(3) Where a participator fraudently or negligently furnishes any incorrect information or makes any incorrect declaration in or in connection with a nomination made under this paragraph he shall be liable to a penalty not exceeding £50,000 or, in the case of fraud, £100,000 and the nomination shall not be effective.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 10 para. 5(1)(b) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(b), Sch. 26 Pt. 5(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 10 para. 5(1)(c) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "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"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1987/16/schedule/10/paragraph/5",
    "retrieved_at": "2026-10-29T09:52:46.435061+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}