Finance Act 1986

2(1)In paragraph 1 (provisions as to the election), in sub-paragraph (2)(b) for the words “and not exceeding fifteen years” there shall be substituted “or in the case of an election made before 31st December 1986, beginning on 1st July 1986” and for sub-paragraph (2)(d) there shall be substituted—U.K.

(d)specify the purposes for which the light gases to which the election applies will be applied or used,.

(2)At the end of that paragraph there shall be inserted the following sub-paragraph—

(4)If an election relates to light gases, then, in addition to the matters referred to in sub-paragraph (2) above, the election shall contain—

(a)a description of the characteristics of the supply by which the disposal or appropriation is intended to be effected; and

(b)if that supply is of such a description that, if it were under a contract at arm’s length, it is reasonable to expect that the price of the gas would vary with the level of the supply, a description of the pattern of supply which the party or parties to the election consider most probable.