Finance Act 1994

238 Disposals of assets producing tariff receipts

(1) With respect to disposals made after 30th November 1993, paragraph 5 of Schedule 2 to the [1983 c. 56.] Oil Taxation Act 1983 (acquisition and disposal of qualifying assets otherwise than at arm’s length: limit on tariff and disposal receipts) shall be amended in accordance with subsections (2) and (3) below; and in this subsection “disposal” has the same meaning as in that paragraph.

(2) In sub-paragraph (1) of paragraph 5, at the end of paragraph (c), and in place of the amendment made by section 190(5)(b) of the [1993 c. 34] Finance Act 1993, there shall be inserted “and

(d) the use of the asset will be wholly by that person in connection with a taxable field in which he is a participator (and accordingly, and in particular, there will be no use giving rise to tariff receipts)”; and for the words “those receipts”, where they next occur, there shall be substituted “the receipts referred to in paragraphs (b) and (c) above”.

(3) In sub-paragraph (3) of paragraph 5, for paragraph (b) there shall be substituted the following paragraph—

“(b) the disposal does not fall within sub-paragraph (1) above, and”.

(4) The Board may make all such amendments of assessments or determinations or of decisions on claims as may be necessary in consequence of the preceding provisions of this section.