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EXPLANATORY NOTE CLAUSE 88: PROVISIONS SUPPLEMENTARY TO SS.86 AND 87 SUMMARY 1. This clause defines certain terms used in clauses 86 and 87. _____________________________ DETAILS OF THE CLAUSE 2. Subsection (1) sets out the calculation to be made for the purposes of clause 87 where the disposal receipts are sheltered by safeguard. The calculation determines how much - if any - of the lease payments should be allowable. 3. Subsection (2) defines the main terms relevant to the application of clause 86. 4. Subsection (3) provides for clause 87 to be interpreted in accordance with Schedule 17 Finance Act 1980, which contains the PRT provisions relevant to transfers of field interest. 5. Subsection (4), (5) and (6) define and provide for the interpretation of terms used in clauses 86, 87 and 88. 6. Subsection (7) provides for clauses 86, 87 and 88 to be construed as one with the Oil Taxation Act 1975. _______________________ BACKGROUND 7. See background note to clause 86. |
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