SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 9TTH elections: approval
63Conditions of approval
The purchaser is required, as a condition of the approval of the election—
a
to comply with the profit tracking requirements in relation to—
i
the accounting period in which the interest in a UK oil licence, referred to in paragraph 1, is acquired by the purchaser, and
ii
each subsequent accounting period; and
b
to keep and preserve records, in accordance with such requirements as may be specified by an officer of Revenue and Customs, for the purposes of giving effect to this Schedule.