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.
Introduction Details of the Schedule Part 1: Persons Who Cease to Be Licensees Because of Cessation Events