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continues to have effect in relation to the purchaser unless it is withdrawn in accordance with the provisions of this Schedule.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

72Withdrawal of a TTH election by an officer of Revenue and Customs

1

A TTH election ceases to have effect in relation to the purchaser if—

a

the purchaser, without reasonable excuse, persistently fails to comply with either of the conditions mentioned in paragraph 63, and

b

an officer of Revenue and Customs gives notice to the purchaser of the withdrawal of the election.

2

If notice is given under sub-paragraph (1), the TTH election ceases to have effect in relation to the purchaser for the accounting period in which the notice is given and each subsequent accounting period.

3

A notice given under sub-paragraph (1) does not affect any relief given by reference to paragraph 25 or 26 for a loss period ending before the notice is given.

4

See paragraph 94 for provision about appeals against a decision to withdraw an election under this paragraph.