Regulation 4 Amendments to the Petroleum Licensing (Exploration and Production) (Landward Areas) Regulations 2014

Schedule 2 to the Petroleum Licensing (Exploration and Production) (Landward Areas) Regulations 2014 (model clauses for petroleum exploration and development licences)^f1 is amended as follows.

In clause 6(1), for “enables” substitute “applies to”.

In clause 22A(1), after “if” insert “any part of”.

For clause 40(4) substitute—

“(4)

For the purposes of paragraph (3) of this clause, whether a person has control of another person is to be determined as if sections 450(2) to (4) and 451(1) to (5) of the Corporation Tax Act 2010 apply subject to the following modifications—

(a)

for the words “the greater part” wherever they occur in section 450(3), there are substituted the words “one-third or more”;

(b)

in section 451(4) and (5), for the word “may”, there is substituted the word “must”; and

(c)

in section 451(4) and (5) any reference to an associate of a person is to be construed as including only—

(i)

a relative (as defined in section 448(2) of that Act) of the person;

(ii)

a partner of the person; and

(iii)

a trustee of a settlement (as defined in section 620 of the Income Tax (Trading and Other Income) Act 2005) of which the person is a beneficiary.”.

In clause 41(4)—