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.