F1PART 7AHolders of licences under the Petroleum Act 1998

Annotations:
Amendments (Textual)
F1

Pt. 7A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 2 (with Sch. 9 paras. 1-9, 22)

Licence-holders' liabilities for tax assessed on non-UK residents

77EException for certain pre-1974 cases

1

Section 77C(1) does not give power to serve a secondary-liability notice on the holder of a licence if the profits arose, or the chargeable gains accrued, to the assessed person in consequence of a contract made by the holder before 23 March 1973.

2

The exception under subsection (1) does not apply if—

a

the assessed person is connected with the holder, or

b

the contract was substantially varied on or after 23 March 1973.

3

For the purposes of subsection (2), whether a person is connected with another is determined in accordance with section 1122 of CTA 2010.