150 Amendment of Schedule 10 to FA 1987
Finance Act 2006 (2006 c 25) | Legislation

150  Amendment of Schedule 10 to FA 1987

(1)     Schedule 10 to FA 1987 (oil taxation: nominations) shall be amended as follows.

(2)     In paragraph 1—

(a)     in sub-paragraph (1)—

(i)     omit “, “proposed supply” and “proposed appropriation””,

(ii)     for “paragraph 3 below” substitute “paragraph 12A below”, and

(iii)     for “paragraphs (a) to (c)” substitute “paragraph (a)”, and

(b)     omit sub-paragraph (2).

(3)     In paragraph 2 omit—

(a)     sub-paragraph (1)(b), (c) and (d), and

(b)     the words following sub-paragraph (1)(d).

(4)     Omit paragraph 3.

(5)     In paragraph 4—

(a)     for sub-paragraph (1) substitute—

“(1)     If a nomination is made during business hours it shall be effective only if—

(a)     it is made within the period of two hours beginning with the transaction base time, and

(b)     it satisfies the requirements of paragraph 5.

(1A)     If a nomination is made outside business hours it shall be effective only if—

(a)     it is made within the period of two hours beginning with the transaction base time, and

(b)     it satisfies the requirements of paragraph 5 or 5A.

(1B)     For the purposes of this paragraph—

(a)

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