Finance Act 2019 (c. 1)

SCHEDULES

SCHEDULE 15 Oil activities: transferable tax history

PART 2 The total TTH amount

The “uplifted decommissioning costs estimate”

8 In paragraph 5(b), the “relevant proportion” means—

(a) the proportion that the interest in the TTH oil field which is the TTH asset bears to—

(i) the seller’s other interests in the TTH oil field, if paragraph 7(a) applies, or

(ii) the purchaser’s other interests in the TTH oil field, if paragraph 7(b) applies, or

(b) if the proportion cannot reasonably be determined in accordance with paragraph (a), such other proportion determined on a just and reasonable basis.