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Finance Act 1987

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Version Superseded: 19/07/2006

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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”, “proposed supply” and “proposed appropriations” shall be construed in accordance with paragraphs (a) to (c) of sub-paragraph (1) of paragraph 2 below;

  • “proposed delivery month” shall be construed in accordance with paragraph 3 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.

(2)For the purposes of this Schedule, a particpator’s equity production from an oil field in any month is his share of the oil won from the field which, in that month, is either delivered or relevantly appropriated, other than oil which is delivered to the Secretary of State pursuant to a notice served by him.

[F1(3)Where an amount of oil is required to be delivered to the Secretary of State pursuant to a notice served by him, 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

F1Finance (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

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