Finance Act 1987

Content of nomination U.K.

5 (1) [F1 The requirements of this paragraph for a nomination in respect of a proposed transaction are],— U.K.

(a) the name of the participator;

(b) F2 ..., the name of the person to whom the oil is to be [F3 sold];

(c) the field from which the oil is to be delivered F4 ...;

(d) the nominated price of the oil to be [F5 delivered] F6 ...;

(e) the nominal volume of that oil;

(f) the proposed delivery month;

[F7 (g) the transaction base time; and]

(h) such other information as may be prescribed by the Board.

(2) A nomination [F8 made under this paragraph] shall include a declaration that it is correct and complete and, in the case of a nomination of a proposed sale which is made before the contract of sale comes into being, shall also include a declaration that, to the best of the knowledge and belief of the participator making the nomination, a contract of sale will come into being in accordance with the terms of the nomination.

(3) Where a participator fraudently or negligently furnishes any incorrect information or makes any incorrect declaration in or in connection with a nomination [F9 made under this paragraph] he shall be liable to a penalty not exceeding £50,000 or, in the case of fraud, £100,000 [F10 and the nomination shall not be effective].

Textual Amendments

F1 Words in Sch. 10 para. 5(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(a)

F2 Words in Sch. 10 para. 5(1)(b) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(b), Sch. 26 Pt. 5(2)

F3 Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 2(1) for calendar months in chargeable periods beginning with March 1987

F4 Words in Sch. 10 para. 5(1)(c) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2)

F5 Word in Sch. 10 para. 5(1)(d) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(d)

F6 Words in Sch. 10 para. 5(1)(d) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2)

F7 Sch. 10 para. 5(1)(g) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(e)

F8 Words in Sch. 10 para. 5(2) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(f)

F9 Words in Sch. 10 para. 5(3) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(g)

F10 Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 2(2) for calendar months in chargeable periods beginning with March 1987

Modifications etc. (not altering text)

C1 See S.I. 1987 No. 1338 (in Part III) regn. 3 for the manner of making nominations and regns. 6 and 20 for the modification of para. 5(1) in the case of composite nominations and blended oil respectively

[F11 5A (1) The requirements of this paragraph for a nomination in respect of a proposed transaction are—

(a) the name of the participator or of the group of which the participator is a member;

(b) the name of the person to whom the oil is to be sold, or the name of the group of which that person is a member;

(c) the blend or grade of oil to be delivered;

(d) the nominated price of the oil to be delivered;

(e) the nominal volume of the oil;

(f) the proposed delivery month;

(g) the transaction base time; and

(h) such other information as may be prescribed by the Board.

(2) In sub-paragraph (1) “ group ” has the meaning given by section 53 of the Companies Act 1989.

Textual Amendments

F11 Sch. 10 paras. 5A, 5B inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(7)

5B (1) A nomination of a transaction shall not be effective unless oil is delivered pursuant to a contract at arm's length the terms of which incorporate the information specified in the nomination in accordance with paragraph 5(1) or 5A(1).

(2) But—

(a) a contract need not refer to the transaction base time, and

(b) the nomination shall be effective whether or not delivery takes place in the proposed delivery month specified in the nomination and the contract.]

Textual Amendments

F11 Sch. 10 paras. 5A, 5B inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(7)