OT60020 - Transferable tax history - Transactions that can use the TTH mechanism

Any sale of an interest in a UK oil licence that is approved by the NSTA on or after 1 November 2018 can apply the TTH mechanism.

A UK oil licence means a licence granted under either:

• Part 1 of the Petroleum Act of 1998 or,
• The Petroleum (Production) Act (Northern Ireland) 1964

The date of completion of the sale of an interest in a UK oil licence is the effective date of any TTH election regardless of the date the election was made.