SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 4Effect of a TTH election on the purchaser

23Application of this Part

This Part applies if—

a

the seller and the purchaser have jointly made a TTH election in respect of the TTH asset,

b

the TTH election has been approved by an officer of Revenue and Customs (see paragraphs 61 and 62),

c

the winning of oil from the TTH oil field has permanently ceased, and

d

in a post-acquisition accounting period (the “loss period”)—

i

the purchaser makes a loss in a ring fence trade,

ii

the loss is a decommissioning loss, and

iii

the purchaser holds, for the loss period, an activated TTH amount (see Parts 5 and 6).