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Finance Act 1987
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Changes over time for: Paragraph 8
Version Superseded: 01/10/2016
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- 01/02/1991- Amendment
- 08/11/1993
Point in time - 01/10/2016- Amendment
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Point in time view as at 08/11/1993.
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8(1)For the purposes of the principal section “relevant new fields” means, subject to sub-paragraph (2) below, an oil field—U.K.
(a)no part of which lies in a landward area, within the meaning of the M1Petroleum (Production) Regulations 1982 or in an area to the East of the United Kingdom and between latitudes 52° and 55° North; and
(b)for no part of which consent for development has been granted to the licensee by the Secretary of State before 17th March 1987; and(c) for no part of which a programme of development had been served on the licensee or approved by the Secretary of State before that date.
(2)In determining, in accordance with sub-paragraph (1) above, whether an oil field (in this sub-paragraph referred to as “the new field”) is a relevant new field, no account shall be taken of a consent for develoment granted before 17th March 1987 or a programme of development served on the licensee or approved by the Secretary of State before that date if—
(a)in whole or part that consent or programme related to another oil field for which a determination under Schedule 1 to the principal Act was made before the determination under that Schedule for the new field; and
(b)on or after 17th March 1987 a consent for development is or was granted or a programme of development is or was served on the licensee or approved by the Secretary of State and that consent or programme relates, in whole or in part, to the new field.
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