SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 9TTH elections: approval

68Senior tracking officers

1

The senior tracking officer is liable to a penalty of £5,000 if the officer, without reasonable excuse—

a

fails to comply with paragraph 66(1)(a) at any time in a tracking period, or

b

fails to provide a certificate in accordance with paragraph 66(1)(b) and (3).

2

The senior tracking officer is not liable to more than one penalty under paragraph 68(1)(a) in respect of the TTH asset and the same tracking period.

3

If the purchaser, without reasonable excuse, fails to give a notice in accordance with paragraph 66(2) and (3), the purchaser is liable to a penalty of £5,000.

4

If (but for this sub-paragraph) more than one person would be liable for a penalty under sub-paragraph 68(1)(a) or (b) in respect of the TTH asset and a tracking period, only the person who became the senior tracking officer latest in the tracking period is liable to such a penalty.