SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 15Interpretation

106Accounting periods before the purchaser comes within the charge to corporation tax

1

This paragraph applies if the date on which the purchaser comes within the charge to corporation tax falls after the end of the seller’s reference accounting period.

2

The provisions of this Schedule have effect as if the purchaser had—

a

an accounting period of 12 months ending on the day before the purchaser comes within the charge to corporation tax, and

b

successive accounting periods of 12 months in the preceding period.