SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 4Effect of a TTH election on the purchaser

26Repayment of supplementary charge

1

This paragraph applies where, in respect of a loss period, an activated transferred profits amount for a pre-acquisition accounting period is to be applied in accordance with paragraph 25(2)(b) or (3)(b).

2

A repayment of tax to be determined as if—

a

an amount had been charged under section 330(1) of CTA 2010 in respect of the activated ARFP amount for the pre-acquisition accounting period,

b

that amount had been charged on, and paid by, the purchaser (instead of the seller), and

c

the transferred adjusted ring fence profits amount for the pre-acquisition accounting period were recalculated in accordance with paragraph 50.

3

See paragraph 53 for provision about the “activated ARFP amount”.