Paragraph 7

United Kingdom

(1)

Subject to sub-paragraph (3) below, in the case of a proposed sale, the nominal volume means the quantity of oil which it is proposed should be delivered under the contract of sale in the proposed delivery month.

F1(2)

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

C1(3)

In the case of any proposed transaction, the nominal volume means the quantity of oil expressed in such manner as may be prescribed by regulations made by the Board.

(4)

In any case where—

(a)

apart from this sub-paragraph, the nominal volume in any proposed transaction would be expressed as a specific volume of oil, plus or minus a particular tolerance, and

(b)

that tolerance exceeds the limits prescribed for the purposes of this Schedule by regulations made by the Board,

the nominal volume shall for those purposes be taken to be the specific volume referred to in paragraph (a) above, plus or minus the maximum tolerance permitted by the regulations.

F2(5)

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

F3(6)

The Board may by regulations prescribe that in specified circumstances the nominal volume in relation to a delivery shall be treated as greater or less than the nominal volume ascertained in accordance with the preceding provisions of this paragraph.

(7)

Regulations under sub-paragraph (6)—

(a)

shall be made by statutory instrument, and

(b)

may not be made unless a draft has been laid before and approved by resolution of the House of Commons.

Annotations

Textual amendments

F1: Sch. 10 para. 7(2) omitted (with effect in accordance with s. 150(14) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 150(9)
F2: Sch. 10 para. 7(5) omitted (with effect in accordance with s. 150(14) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 150(9)
F3: Sch. 10 para. 7(6)(7) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(10)

Modifications

C1: See S.I. 1987 No. 1338 (in Part III) regn. 9

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”)