Aggregate nominated proceeds for a monthU.K.
11(1)For each month, a participator’s aggregate nominated proceeds for the purposes of section 61 of this Act is the sum of—
(a)the proceeds of each nominated transaction falling within sub-paragraph (2) below; and
(b)[F1Subject to sub-paragraph (1A) below] the market value of any excess falling within sub-paragraph (3) below.
[F1(1A)If for any month—
(a)a participator has made a nomination of a proposed sale, and
(b)he has an excess falling within sub-paragraph (3) below,
then for that month the reference in sub-paragraph (1)(b) above to the market value of the excess shall be construed as a reference to the market value multiplied by the designated fraction for that month.]
(2)[F1Subject to sub-paragraph (2A) below] for each nominated transaction, the effective volume of which forms part of the participator’s aggregate effective volume for the month, as defined in paragraph 10 above, the proceeds of the transaction means the effective volume multiplied by the nominated price.
[F1(2A)In the case of a nominated transaction consisting of a proposed supply or proposed appropriation, the proceeds of the transaction shall not have the meaning assigned by sub-paragraph (2) above unless the participator satisfies the Board—
(a)that the whole of the effective volume of oil has been or is to be used for refining as mentioned in paragraph 2(1)(b) above or, as the case may be, has been or is to be relevantly appropriated; or
(b)that, in so far as any of the effective volume of oil has not been or is not to be so used or appropriated, that is occasioned by circumstances over which neither the participator nor any company associated with him, as mentioned in paragraph 2(1) above, has (or had at any material time) control;
and if the Board are not so satisfied with respect to any such nominated transaction, the proceeds of that transaction means the market value (determined in accordance with Schedule 3 to the principal Act) of the effective volume of oil, multiplied by the designated fraction for the month in question.]
(3)If the participator’s equity production for a month exceeds his aggregate effective volume for that month, as defined in paragraph 10 above, the market value of the excess shall be determined in accordance with Schedule 3 to the principal Act.
(4)The reference in sub-paragraph (2) above to the nominated price is a reference to that price expressed in sterling; and regulations made by the Board shall make provision with respect to the conversion into sterling of any nominated price which is expressed in a currency other than sterling.
[F1(5)For any month the designated fraction is such fraction as may be specified for the purposes of that month by order made by the Treasury.
(6)An order under sub-paragraph (5) above—
(a)shall not specify a fraction smaller than unity or greater than 3/2;
(b)may be made to have effect for any month in the chargeable period in which falls the date on which the order is made (whether that month begins before, on or after that date);
(c)If it has effect for a month earlier than the date on which it is made, may contain such transitional provisions as the Treasury consider appropriate; and
(d)shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.]
Textual Amendments
F1Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5)(6) and Sch. 8 para. 5 for chargeable periods ending after a day to be appointed