The Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) (Amendment) Regulations 1994

• Citation: S.I. 1994/939
• Sections: 3

Section 1 Citation and commencement

These Regulations may be cited as the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) (Amendment) Regulations 1994 and shall come into force on 18th April 1994.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Petroleum Revenue Tax (Nomination Scheme for Disposals and Appropriations) Regulations 1987 and “regulation” means a regulation of those Regulations.

Section 3 Amendments to the principal Regulations

(1) For paragraph (3A) of regulation 2A there shall be substituted—

(3A) A participator who—

(a) has notified the Board in accordance with paragraph (1) above that he expects to satisfy the conditions specified in paragraph (2) above, or those conditions and the further condition specified in paragraph (3) above, and

(b) has satisfied those conditions, or those conditions and that further condition, in the chargeable period,

may withdraw the notification by giving notice in writing to the Board at any time during the chargeable period before any failure to satisfy any one or more of those conditions, or any one or more of those conditions and that further condition, occurs.

(2) In sub-paragraph (a) of paragraph (3C) of regulation 2A for the words “any of those conditions or that further condition” there shall be substituted the words “any one or more of those conditions, or any one or more of those conditions and that further condition,”.