Finance Act 1987

Interpretation

1 (1) In this Schedule—"month" means calendar month;

• "nominal volume" shall be construed in accordance with paragraph 7 below;

• "nominated price" shall be construed in accordance with paragraph 6 below;

• "nomination" means a nomination made in such manner as may be prescribed by regulations made by the Board;

• "proposed sale", "proposed supply" and "proposed appropriation" shall be construed in accordance with paragraphs (a) to (c) of sub-paragraph (1) of paragraph 2 below;

• "proposed delivery month" shall be construed in accordance with paragraph 3 below;

• "proposed transaction" means one falling within paragraph 2(1) below;

• "regulations made by the Board" means regulations under section 61(8) of this Act; and

• "Treasury regulations" means regulations under section 61(7) of this Act.

(2) For the purposes of this Schedule, a participator's equity production from an oil field in any month is his share of the oil won from the field which, in that month, is either delivered or relevantly appropriated, other than oil which is delivered to the Secretary of State pursuant to a notice served by him.