# The Oil Taxation (Nomination Scheme for Disposals) (Amendment) Regulations 2007

S.I. 2007/1454 · made 16 May 2007

These Regulations amend the Oil Taxation (Nomination Scheme for Disposals) Regulation 1987 (S.I. 1987/1338 as amended) to extend the scope of the nominations scheme under section 61 of the Finance Act 1987 (c. 16) to include Brent-Forties-Oseberg-Ekofisk forward contracts.

Made under: Finance Act 1987 (Section 61, Schedule 10 paragraph 1)

PDFs: Printed copy https://openlegislation.uk/oil-taxation-nomination-scheme-for-disposals-amendment-regulations-2007/pdf/uksi_20071454_en.pdf; Explanatory Memorandum https://openlegislation.uk/oil-taxation-nomination-scheme-for-disposals-amendment-regulations-2007/pdf/uksiem_20071454_en.pdf

## Introductory text

corporation tax
oil tax
Made 16th May 2007
Laid before the House of Commons 17th May 2007
Coming into force 8th June 2007
The Commissioners for Her Majesty’s Revenue and Customs make the following Regulations in exercise of the powers conferred by sections 61(8) of, and paragraph 1(1) of Schedule 10 to, the Finance Act 1987, and now exercisable by them.

## 1 Citation and commencement

These Regulations may be cited as the Oil Taxation (Nomination Scheme for Disposals) (Amendment) Regulations 2007 and shall come into force on 8th June 2007.

## 2 Amendment of the Oil Taxation (Nomination Scheme for Disposals) Regulations 1987

The Oil Taxation (Nomination Scheme for Disposals) Regulations 1987 are amended as follows.

## 3 Amendment of the Oil Taxation (Nomination Scheme for Disposals) Regulations 1987

In regulation 2A (excluded oil)—
(a) in paragraph (1) after “Brent-Forties-Oseberg forward contract” insert “or a Brent-Forties-Oseberg-Ekofisk forward contract”
(b) after paragraph (2) insert—
“(3) In paragraph (1) “a Brent-Forties-Oseberg-Ekofisk forward contract” means a contract which provides for settlement, at least 21 days after the date on which it is made, by the delivery of a volume of oil comprising, at the seller’s election, Brent blend, Forties blend or oil of Oseberg grade or oil of Ekofisk blend, or a cash payment.”

## Signature

Paul Gray
Mike Eland
Two Commissioners of Her Majesty’s Revenue and Customs
16th May 2007

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Oil Taxation (Nomination Scheme for Disposals) Regulation 1987 (S.I. 1987/1338 as amended) to extend the scope of the nominations scheme under section 61 of the Finance Act 1987 (c. 16) to include Brent-Forties-Oseberg-Ekofisk forward contracts.
This amendment falls within the scope of a full regulatory impact assessment that was prepared by HM Revenue and Customs in respect of Part 5 of the Finance (No.2) Bill of the 2005-06 session and was published on 22nd March 2006. That Bill received Royal Assent as the Finance Act 2006.

---
Source: https://www.legislation.gov.uk/uksi/2007/1454 (the official version)
Page: https://openlegislation.uk/oil-taxation-nomination-scheme-for-disposals-amendment-regulations-2007
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.