SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 6Allocation of activated TTH amount

47“Available activated TTH amount”

1

This paragraph applies for the purposes of allocating an amount to a pre-acquisition accounting period under Step 3 of paragraph 44.

2

The “available activated TTH amount” held by the purchaser for the loss period, is an amount equal to—

a

the total activated TTH amount for the period, less

b

the total of the activated transferred profits amounts allocated under paragraph 44 to later pre-acquisition accounting periods.

3

In sub-paragraph (2)(b) the reference to “later pre-acquisition accounting periods” is a reference to pre-acquisition accounting periods that begin after the period mentioned in sub-paragraph (1).