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There are currently no known outstanding effects for the Finance Act 1987, Paragraph 1.
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1(1)In this Schedule—U.K.
“month” means calendar month;
“nominal volume” shall be construed in accordance with paragraph 7 below;
“nominated price” shall be construed in accordance with paragraph 6 below;
“nominated” means a nomination made in such manner as may be prescribed by regulations made by the Board;
“proposed sale” F1... shall be construed in accordance with [F2paragraph (a)] of sub-paragraph (1) of paragraph 2 below;
“proposed delivery month” shall be construed in accordance with [F3paragraph 12A below];
“proposed transaction” means one falling within paragraph 2(1) below;
“regulations made by the Board” means regulations under section 61(8) of this Act; and
“Treasury regulations” means regulations under 61(7) of this Act.
F4(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(3)Where an amount of oil is required to be delivered to the [F6OGA] pursuant to a notice served by [F7it], any oil which is inadvertently delivered to him in excess of the amount required shall be treated for the purposes of sub-paragraph (2) above as delivered pursuant to the notice.]
Textual Amendments
F1Words in Sch. 10 para. 1(1) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(a)(i), Sch. 26 Pt. 5(2)
F2Words in Sch. 10 para. 1(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(a)(iii)
F3Words in Sch. 10 para. 1(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(a)(ii)
F4Sch. 10 para. 1(2) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(b), Sch. 26 Pt. 5(2)
F5Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 1 for calendar months in chargeable periods beginning with March 1987
F6Word in Sch. 10 para. 1(3) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 9(2)(a)
F7Word in Sch. 10 para. 1(3) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 9(2)(b)
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