SCHEDULES
SCHEDULE 15Oil activities: transferable tax history
PART 13Onward sale
Sale by the second purchaser or subsequent sale
91
In the case of a sale by the second purchaser, or a subsequent sale, of an interest within paragraph 81(c) in respect of which the parties make a TTH election—
a
references in paragraph 86 to the original TTH amount are references to the original TTH amount in relation to each election,
b
amounts in relation to earlier elections are to be applied for the purposes of paragraph 86(1) and (3) before amounts in relation to later elections,
c
the provisions of paragraph 87 apply in relation to the second purchaser, and each subsequent purchaser, as they apply in relation to the first purchaser, and
d
in paragraph 90—
i
the reference to the first purchaser in sub-paragraph (1) is treated as including a reference to the second purchaser, or a subsequent purchaser, and
ii
sub-paragraph (2) applies in relation to each subsequent purchaser as it applies in relation to the second purchaser.