# Finance Act 2001, Paragraph 3: Meaning of “subsequent new owner”


For the purposes of this Schedule, a “subsequent new owner” is any participator in the field who has the transferred interest, or any part of the transferred interest, as a result of—
(a) a transfer by the new participator of the whole or part of the transferred interest, or
(b) the combination of such a transfer as is mentioned in paragraph (a) and—
(i) a transfer by a subsequent new owner of the whole or part of the transferred interest, or
(ii) two or more such transfers as are mentioned in sub-paragraph (i).

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Source: https://www.legislation.gov.uk/ukpga/2001/9/schedule/32/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2001/schedule-32/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.