231 Election by reference to pipe-line with excess capacity
Finance Act 1994 (1994 c 9) | Legislation

Part V Oil Taxation

Chapter I
Election by Reference to Pipe-line Usage

231  Election by reference to pipe-line with excess capacity

(1)     The provisions of this Chapter apply where, on or before 1st January 1996, a participator in a taxable field makes, in accordance with Part I of Schedule 22 to this Act, an election with respect to that field by reference to a pipe-line—

(a)     which is a qualifying asset;

(b)     which is used or intended to be used for transporting oil in circumstances which give rise or are expected to give rise to tariff receipts;

(c)     which, at the date of the election, is at least 25 kilometres in length; and

(d)     for which the initial usage fraction does not exceed one-half.

(2)     A participator may not make an election—

(a)     unless the field to which the election applies is (or, as the case may be, is intended to be) the chargeable field in relation to the tariff receipts referred

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