SCHEDULES
SCHEDULE 32 PETROLEUM REVENUE TAX: UNRELIEVABLE FIELD LOSSES
3Meaning of “subsequent new owner”
For the purposes of this Schedule, a “subsequent new owner” is any participator in the field who has the transferred interest, or any part of the transferred interest, as a result of—
a
a transfer by the new participator of the whole or part of the transferred interest, or
b
the combination of such a transfer as is mentioned in paragraph (a) and—
i
a transfer by a subsequent new owner of the whole or part of the transferred interest, or
ii
two or more such transfers as are mentioned in sub-paragraph (i).