Introduction Details of the Schedule Part 1: Persons Who Cease to Be Licensees Because of Cessation Events
2.Paragraph 2(2) amends the definition of “participator” in section 12(1) of the Oil Taxation Act (OTA) 1975 to include a person who was previously a licensee but has ceased to be a licensee as a result of a “cessation event”. This sub-paragraph also makes minor consequential amendments to subsection (1).
3.Sub-paragraph 2(3) inserts a new subsection (1A) after subsection (1).
4.New subsection (1A) defines the terms “cessation event”, “current participator”, “former participator” and “default payment”.
5.Paragraph 3 amends the definitions of “current participator” and “former participator” in paragraph 2C(2) of Schedule 5 to OTA 1975 to include the new definition of “participator” introduced by paragraph 2(2) of this Schedule).
6.Paragraph 4 provides that Part 1 of this Schedule has effect in relation to persons who cease to be licensees because of cessation events occurring in chargeable periods beginning after 30 June 2009.