SCHEDULES
SCHEDULE 32Petroleum revenue tax: unrelievable field losses
Meaning of “subsequent new owner”
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For the purposes of this Schedule, a “subsequent new owner” is any participator in the field who has the transferred interest, or any part of the transferred interest, as a result of—
(a)
a transfer by the new participator of the whole or part of the transferred interest, or
(b)
the combination of such a transfer as is mentioned in paragraph (a) and—
(i)
a transfer by a subsequent new owner of the whole or part of the transferred interest, or
(ii)
two or more such transfers as are mentioned in sub-paragraph (i).