Part 9 TTH Elections: Approval
Finance Act 2019 (2019 c 1) | Legislation

Part 9 TTH Elections: Approval

Approval notice

61

An officer of Revenue and Customs may approve the TTH election by giving notice in writing (an “approval notice”) to the seller and the purchaser.

Deemed approval

62

(1)     If no approval notice or enquiry notice is given, in respect of the TTH election, before the end of the period mentioned in paragraph 5(2) of Schedule 1A to TMA 1970 (time limit for opening an enquiry), the election is deemed to have been approved by an officer of Revenue and Customs at the end of that period.

(2)     In sub-paragraph (1), the reference to an “enquiry notice” is a reference to a notice under paragraph 5(1) of Schedule 1A to TMA 1970 (intention to enquire into a claim or election).

Conditions of approval

63

The purchaser is required, as a condition of the approval of the election—

(a)     to comply with the profit tracking requirements in relation to—

(i)     the accounting period in which the interest in a UK oil licence, referred to in paragraph 1, is acquired by the purchaser, and

(ii)     each subsequent accounting period; and

(b)     to keep and preserve records, in accordance

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