Explanatory note

These Regulations, which come into force on 18th April 1994, make two further amendments to the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987.

The first amendment makes it clear that a participator may only withdraw a notification that he expects to satisfy the conditions for exclusion of oil from the nomination scheme if at the time of withdrawal he has satisfied all those conditions. The second amendment makes it clear that oil will not be excluded from the scheme if, after giving such a notification and without having withdrawn it, a participator fails to satisfy any one or more of those conditions.