SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 13Onward sale
88Opt-out under paragraph 85(2): further provision about the application of this Schedule
1
This paragraph applies if—
a
b
in relation to the subsequent TTH election, the total TTH amount exceeds the total amount of the first purchaser’s eligible ring fence profits for—
i
the accounting period which is, at the licence transfer date in relation to the subsequent TTH election, the first purchaser’s most recent qualifying accounting period in respect of which the amendment period has ended, and
ii
each earlier accounting period which is, in relation to the first TTH election, a post-acquisition accounting period of the first purchaser.
2
In the application of this Schedule for the purposes of the subsequent TTH election—
a
b
c
in paragraph 30(3) as it applies in relation to the accounting periods of the first purchaser mentioned in sub-paragraph (1)(b)(i) and (ii), the reference to amounts attributable to the TTH asset is to be treated as a reference to the relevant proportion (within the meaning of paragraph 83(5)) of those amounts;
d
in paragraph 30(5) as it applies for the purposes of determining the total decommissioning expenditure amount in relation to an accounting period of the first purchaser mentioned in sub-paragraph (1)(b)(i) or (ii), the reference to the purchaser is to be treated as a reference to the first purchaser;