Amendments made: No. 137, in page 220, line 12, after `election)' insert
'in sub-paragraph (2)(b) for the words "and not exceeding fifteen years" there shall be substituted "or in the case of an election made before 31st December 1986, beginning on 1st July 1986" and'.
No. 138, in page 221, line 22, leave out 'for the words following "but"', and insert
'in paragraph (a) after the word "and", in the first place where it occurs, there shall be inserted the words "which, subject to sub-paragraph (3) below" and in the words following paragraph (b) for the words from "is not" onwards'.
No. 139, in page 221, line 27, leave out from beginning to 'Sub-paragraph' in line 28 and insert
(3) In the case of an election which relates to light gases which are "excluded oil", as defined in section 10(1) of the principal Act, sub-paragraph (1)(a) above shall have effect with the omission of the words from "and which" to "date of the election".
No. 140, in page 223, line 27, at beginning insert
'then, subject to sub-paragraph (4) below'.
No. 141, in page 223, line 46, at end insert—
'(4) If, within the period of three months beginning on the date of a notice under this paragraph, the party or parties to the election give notice in writing to the Board—
(5) If notice has been given under sub-paragraph (4) above and a new price formula has been accepted as mentioned in that sub-paragraph then, for the purpose of determining, for any chargeable period beginning after the date on which the Board gave notice as mentioned in sub-paragraph (1) above, the market value of light gases to which the election applies, section 104 of the Finance Act 1986 shall have effect as if the new price formula were the formula specified in the election.'.
No. 142, in page 224, line 3, at end insert
'and at the end of paragraph (b) of that sub-paragraph there shall be inserted "or
(c) a new price formula specified in a notice under paragraph 6A(4) above";
and for the words from "were specified" onwards there shall be substituted "had been specified in, and at the time of, the election and as if the circumstances giving rise to the new price formula had been in contemplation at that time.
(2) In sub-paragraph (5) of that paragraph, after "6(5)(b)" there shall be inserted "or paragraph 6A(4)".'—[Mr. MacGregor.]