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.