Finance Act 1987

5 (1) A nomination of a proposed transaction shall not be effective unless it specifies, with respect to that transaction,— U.K.

(a) the name of the participator;

(b) [F1 in the case of a proposed sale], the name of the person to whom the oil is to be [F1 sold];

(c) the field from which the oil is to be delivered or relevantly appropriated;

(d) the nominated price of the oil to be supplied or relevantly appropriated;

(e) the nominal volume of that oil;

(f) the proposed delivery month;

(g) the transaction base date; and

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

(2) A nomination 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 he shall be liable to a penalty not exceeding £50,000 or, in the case of fraud, £100,000 [F2 and the nomination shall not be effective].

Textual Amendments

F1 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

F2 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