Application of this Part
23This 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).