SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 15Interpretation

103The purchaser’s “reference accounting period”

1

The “purchaser’s reference accounting period” means—

a

an accounting period of the purchaser that begins with the same date as, and ends with the same date as, the seller’s reference accounting period, or

b

if no accounting period of the purchaser falls within paragraph (a), the earliest accounting period of the purchaser that overlaps with the seller’s reference accounting period.

2

See paragraph 106 for provision about accounting periods before the purchaser comes within the charge to corporation tax.