SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 10TTH elections: effective date and withdrawal

71Effective date of a TTH election

1

A TTH election in respect of a TTH asset—

a

has effect, if it is approved in accordance with paragraph 61 or 62, from the licence transfer date,

b

continues to have effect indefinitely in relation to seller, and

c

continues to have effect in relation to the purchaser unless it is withdrawn in accordance with the provisions of this Schedule.

2

References in this Schedule to the “effective date of a TTH election” are to be construed in accordance with sub-paragraph (1)(a).