Cross references

FA 1994, Sch. 22, para. 11(1): transfers of interest and election by reference to pipe-line usage.


INTERPRETATION

1(1)  For the purposes of this Schedule a participator in an oil field transfers the whole or part of this interest in the field whenever as a result of a transaction or event other than–

(a)the making of an agreement or arrangement of the kind mentioned in paragraph 5 of Schedule 3 to the Oil Taxation Act 1975; or

(b)a re-determination under a unitisation agreement,

the whole or part of his share in the oil to be won and saved from the field becomes the share or part of the share of another person who is or becomes a participator in the field.

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