SCHEDULES

SCHEDULE 15Oil activities: transferable tax history

PART 14Supplementary

92Multiple interests in the same oil field

1

This paragraph applies if—

a

interests in more than one UK oil licence are sold by the seller to the purchaser at the same time, and

b

the seller and the purchaser would be entitled to jointly make a TTH election in respect of more than one interest in the same oil field that falls within both licensed areas.

2

The seller and purchaser may jointly make a TTH election in respect of all interests in the oil field.

3

If an election is made in accordance with this paragraph, the interests mentioned in sub-paragraph (2) are to be treated as a single interest for the purposes of this Schedule (and references in this Schedule to “the TTH asset” are to be construed accordingly).