96 Transfer of field interest
Finance Act 1999 (1999 c 16) | Legislation

96  Transfer of field interest

(1)     This section applies where—

(a)     section 95 above has applied to a lease;

(b)     the lessee has transferred the whole or part of his interest in the lessee's oil field; and

(c)     pursuant to the transfer, the relevant asset is used in connection with that oil field under a lease (“the new participator's lease”) by the person who is the new participator in relation to the transfer.

(2)     Subject to subsection (4) below, section 95 above shall have effect as if the new participator were the lessee and the new participator's lease were the lease in question.

(3)     The reference in subsection (1)(b) above to the lessee includes a reference

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