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3.—(1) This Regulation shall apply for the purposes of modifying the operation of the Oil Taxation Acts in their application to cases where—
(a)a gas banking scheme which satisfies the additional conditions contained in Regulation 4 below is in force between the participators in two or more relevant fields;
(b)the participators in those fields have elected under the principal section in the manner prescribed by Regulation 6 below that the modifications prescribed by this Regulation shall apply; and
(c)gas won from a relevant field is transferred by the participators in that field to the participators in another relevant field under the scheme.
(2)
(a)the gross profit or gross loss for the purposes of petroleum revenue tax and supplementary petroleum duty accruing to a participator from the transferor field in a chargeable period;
(b)the share of a participator in a transferor field of the oil allowance referred to in section 8 of the Oil Taxation Act 1975 and the exempt allowance referred to in section 124 of the Finance Act 1981 for that field for a chargeable period; and
(c)the total amount of oil ever won and saved from the transferor field referred to in section 10(1)(b) of the Oil Taxation Act 1975.
(3) For all the purposes of petroleum revenue tax and supplementary petroleum duty, transferred gas shall be treated as having been won and saved from the transferee field by the participators in the field in the chargeable period in which it is transferred to them, in shares proportionate to their shares of oil actually won and saved from the field during the period.
(4) For the purposes of income tax and of the charge of corporation tax on income, transferred gas shall be treated—
(a)as not having been extracted from the transferor field by the participators in the field in the course of oil extraction activities carried on by them nor as having been acquired by those participators by virtue of oil rights held by them; and
(b)as having been extracted from the transferee field by the participators in the field in the course of oil extraction activities carried on by them.
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