1(1)For the purposes of this Part of this Act a sale of any oil is a sale at arm’s length if, but only if, the following conditions are satisfied with respect to the contract of sale, that is to say—U.K.
(a)the contract price is the sole consideration for the sale;
(b)the terms of the sale are not affected by any commercial relationship (other than that created by the contract itself) between the seller or any person connected with the seller and the buyer or any person connected with the buyer; and
(c)neither the seller nor any person connected with him has, directly or indirectly, any interest in the subsequent resale or disposal of the oil or any product derived therefrom.
(2)[F1Section 1122 of CTA 2010] (connected persons) shall apply for the purposes of the preceding sub-paragraph.
Textual Amendments
F1Words in Sch. 3 para. 1(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 165(2) (with Sch. 2)
Modifications etc. (not altering text)
C1Definition applied for purposes of Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 493(3)