8(1)Except as provided by this paragraph, a nomination may not be amended or withdrawn.
(2)If a participator who has made a nomination of a proposed sale does not, in whole or in part, fulfil his obligations under the contract of sale by the delivery of oil forming part of his equity production for the proposed delivery month, then, in accordance with regulations made by the Board, he may amend or withdraw the nomination if in his opinion—
(a)there were good commercial reasons for the failure to fulfil those obligations; or
(b)the failure was occasioned by circumstances over which neither he nor any person connected or associated with him had control.
(3)An amendment or withdrawal of a nomination by a participator in accordance with sub-paragraph (2) above shall not be effective unless the Board give notice to the participator that the amendment or withdrawal is accepted, and the Board shall not give such a notice unless they are satisfied—
(a)as to the matters mentioned in either paragraph (a) or paragraph (b) of sub-paragraph (2) above; and
(b)if sub-paragraph (2)(a) above applies, that the failure was not part of a scheme or arrangement the main purpose of which was the avoidance of tax.
(4)For the purposes of sub-paragraph (2)(b) above,—
(a)section 533 of the Taxes Act (connected persons) applies; and
(b)two companies of which one is a participator in an oil field are associated with each other if one has control over the other or both are under the control of the same person or persons;
and in paragraph (b) above "control" shall be construed in accordance with section 302 of the Taxes Act.
(5)Where a nomination is amended in accordance with this paragraph, the preceding provisions of this Schedule shall apply in relation to it subject to such modifications as may be specified in regulations made by the Board.