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Finance Act 1987

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This is the original version (as it was originally enacted).

5(1)A nomination of a proposed transaction shall not be effective unless it specifies, with respect to that transaction,—

(a)the name of the participator;

(b)except in the case of a proposed appropriation, the name of the person to whom the oil is to be delivered;

(c)the field from which the oil is to be delivered or relevantly appropriated;

(d)the nominated price of the oil to be supplied or relevantly appropriated;

(e)the nominal volume of that oil;

(f)the proposed delivery month;

(g)the transaction base date; and

(h)such other information as may be prescribed by the Board.

(2)A nomination shall include a declaration that it is correct and complete and, in the case of a nomination of a proposed sale which is made before the contract of sale comes into being, shall also include a declaration that, to the best of the knowledge and belief of the participator making the nomination, a contract of sale will come into being in accordance with the terms of the nomination.

(3)Where a participator fraudulently or negligently furnishes any incorrect information or makes any incorrect declaration in or in connection with a nomination he shall be liable to a penalty not exceeding £50,000 or, in the case of fraud, £100,000.

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