Part 13 Onward Sale
Finance Act 2019 (2019 c 1) | Legislation

Part 13 Onward Sale

Application of paragraphs 83 to 90

81

This Part applies if—

(a)     the purchaser (referred to in this Part as “the first purchaserâ€) and the seller jointly make a TTH election (the “first TTH electionâ€) in respect of an interest (the “first TTH assetâ€) in the TTH oil field,

(b)     the first purchaser subsequently sells to another company (“the second purchaserâ€) an interest in a UK oil licence which applies to the area which includes the TTH oil field, and

(c)     the first purchaser and the second purchaser jointly make a TTH election (the “subsequent TTH electionâ€) in respect of an interest (the “subsequent TTH assetâ€) in the TTH oil field.

82

(1)     Sub-paragraph (2) applies if—

(a)     the first purchaser has an interest in the UK oil licence referred to in paragraph 1, in addition to the interest in that licence acquired from the seller, and

(b)     the UK oil licence referred to in paragraph 81(b) is the same UK oil licence referred to in paragraph 1.

(2)     Interests in the licence acquired later by the first purchaser are treated, for the purposes of this Part, as being transferred to the second

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