‘(1) For the purposes of this Part of this Act a sale of any oil is a sale at arm’s length if, but only if, the following conditions are satisfied with respect to the contract of sale, that is to say–
(a)the contract price is the sole consideration for the sale;
(b)the terms of the sale are not affected by any commercial relationship (other than that created by the contract itself) between the seller or any person connected with the seller and the buyer or any person connected with the buyer; and
Want to read more?
This content requires a Croner-i Tax and Accounting subscription.