Related Commentary  

112(1)  Section 111 above shall have effect in accordance with this section where a participator in an oil field has acquired the whole or part of his interest in the field as a result of one or more transfers to him within the meaning of Schedule 17 to the Finance Act 1980, and in this section “the new participator”  and “the old participator”  mean respectively the first-mentioned participator and any participator from whom he has acquired the whole or part of his interest.

112(2)  The new participator’s net profit period shall be whichever is the earlier of–

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