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
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).