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Finance Act 2019
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Multiple interests in the same oil field
92(1)This paragraph applies if—
(a)interests in more than one UK oil licence are sold by the seller to the purchaser at the same time, and
(b)the seller and the purchaser would be entitled to jointly make a TTH election in respect of more than one interest in the same oil field that falls within both licensed areas.
(2)The seller and purchaser may jointly make a TTH election in respect of all interests in the oil field.
(3)If an election is made in accordance with this paragraph, the interests mentioned in sub-paragraph (2) are to be treated as a single interest for the purposes of this Schedule (and references in this Schedule to “the TTH asset” are to be construed accordingly).
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