Paragraph 5B F1

(1)

A nomination of a transaction shall not be effective unless oil is delivered pursuant to a contract at arm's length the terms of which incorporate the information specified in the nomination in accordance with paragraph 5(1) or 5A(1).

(2)

But—

(a)

a contract need not refer to the transaction base time, and

(b)

the nomination shall be effective whether or not delivery takes place in the proposed delivery month specified in the nomination and the contract.

Annotations

Textual amendments

F1: Sch. 10 paras. 5A, 5B inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(7)

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”)