# Finance Act 1987, Paragraph 5

Extent: E+W+S+N.I.

(1) The requirements of this paragraph for a nomination in respect of a proposed transaction are,—
(a) the name of the participator;
(b) ..., the name of the person to whom the oil is to be sold;
(c) the field from which the oil is to be delivered ...;
(d) the nominated price of the oil to be delivered ...;
(e) the nominal volume of that oil;
(f) the proposed delivery month;
(g) the transaction base time; and
(h) such other information as may be prescribed by the Board.
(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.
(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.

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Source: https://www.legislation.gov.uk/ukpga/1987/16/schedule/10/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-act-1987/schedule-10/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.