Section 54 | Petroleum revenue tax.

(1)After paragraph 6 of Schedule 3 to the Oil Taxation Act 1975 there shall be inserted—

6AEffect of certain transactions between participators

(a)the shares of the transferor and the transferee of oil won from the field shall be taken to be the same as they would have been if the transfer had not occurred, and

(b)any oil comprised in the transferred share or part and taken up by or on the authority of the transferee in pursuance of the agreement shall be regarded as being disposed of and delivered to him by the transferor at the time when it is taken up.

.

(2)In the said paragraph 6, in sub-paragraph (1), for the words “another person (in this paragraph referred to as “the owner")" there shall be substituted the words “a person (in this paragraph referred to as “the owner") who is not a participator and".