SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 15Interpretation

100“Licensed area” and “transferred oil field”

In this Schedule—

a

references to the “licensed area” are references to the area to which the UK oil licence mentioned in paragraph 1 applies, and

b

references to a “transferred oil field” are references to an oil field, or such part of an oil field, that falls within the licensed area.