SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 2The total TTH amount

3The total TTH amount

1

The total TTH amount may comprise—

a

an amount representing the seller’s eligible ring fence profits for the reference accounting period, and

b

amounts representing the seller’s eligible ring fence profits for so many of the preceding accounting periods ending on or after 17 April 2002 as the seller and purchaser may determine.

2

Sub-paragraph (1) is subject to—

a

paragraph 4 (limits on total TTH amount),

b

paragraph 11 (consecutive accounting periods), and

c

paragraph 12 (the transferred profits amount for an accounting period).

3

See—

a

paragraph 13 for the meaning of “eligible ring fence profits”, and

b

paragraph 102 for the meaning of “reference accounting period” in relation to the seller.