Modifications etc. (not altering text)
C1For regulations supplementing and modifying Sch. 10 for certain cases see Part III (under “Petroleum Revenue Tax: nomination scheme for disposals and appropriations”)
9(1)The provisions of this paragraph have effect to determine, in relation to each nominated transaction, what is the effective volume of oil.U.K.
(2)In relation to a proposed sale where the nominal volume is expressed as mentioned in paragraph 7(5) above and oil is in fact delivered under the contract of sale, the effective volume is whichever is the greater of—
(a)the minimum nominal volume; and
(b)so much of the total volume of oil actually delivered under the contract as does not exceed the maximum nominal volume.
(3)In relation to any proposed sale which does not fall within sub-paragraph (2) above, the effective volume shall be taken to be the nominal volume.
[F1(4)In relation to a proposed supply or proposed appropriation where the nominal volume is expressed as mentioned in paragraph 7(5) above and oil is in fact supplied or, as the case may be, relevantly appropriated as proposed in the nomination, the effective volume is whichever is the greater of—
(a)the minimum nominal volume; and
(b)so much of the total volume of oil supplied or relevantly appropriated as does not exceed the maximum nominal volume.
(5)in relation to a proposed supply or proposed appropriation which does not fall within sub-paragraph (4) above, the effective volume is the nominal volume.]
Textual Amendments
F1Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 3 for calendar months in chargeable periods beginning with March 1987