Finance Act 1980

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

(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.

(2) In sub-paragraph (1) above a “unitisation agreement” means an agreement for the exploitation of—

(a) an oil field falling within two or more licensed areas; or

(b) any such area as is mentioned in subsection (1)(a) of section 107 of this Act,

and a “re-determination” means, in a case within paragraph (a) above, a re-determination of the apportionment of oil from the field as between the different licensed areas and, in a case within paragraph (b) above, a re-determination of the apportionment mentioned in subsection (1)(b) of that section.

(3) In this Schedule “the old participator” means the participator whose interest is wholly or partly transferred, “the new participator” means the person to whom it is transferred and [F1 “the transfer period” means the chargeable period in which the transfer takes place.]

Textual Amendments

F1 Finance Act 1981 (c. 35), s. 114(2)(a) with effect whether the participator's net profit period ends before or after the passing of that Act

Modifications etc. (not altering text)

C1 Sch. 17 para. 1(2) applied (retrospective to 7.3.2001) by 2001 c. 9, s. 101(4)(5), Sch. 32 para. 4(2)