Search Legislation

Finance Act 1987

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 2

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1987, Paragraph 2. Help about Changes to Legislation

[F12(1)This paragraph applies if it appears to HMRC that—U.K.

(a)a method of allocation that has been used in respect of a chargeable period was not suitable, or

(b)a method of allocation that is proposed to be used in respect of a chargeable period would not be suitable.

(2)HMRC may give notice to each of the participators in the originating fields—

(a)informing the participators of what appears to HMRC to be the case, and

(b)proposing amendments to the method of allocation.

(3)If HMRC give notice, the allocation of the blended oil for the purposes of section 63 in respect of the chargeable period is to be redetermined, or determined, using the method of allocation as amended in accordance with the notice.

(4)Sub-paragraph (3) is subject to—

(a)the following provisions of this Schedule,

(b)any subsequent notice given under this paragraph, and

(c)any amendment to the method of allocation made by the participators in the originating fields.]

Textual Amendments

F1Sch. 12 paras. 1, 2 and cross-headings substituted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 3(2)

Back to top

Options/Help