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
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continues to have effect in relation to the purchaser unless it is withdrawn in accordance with the provisions of this Schedule.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
4
See paragraph 94 for provision about appeals against a decision to withdraw an election under this paragraph.