Corporation Tax Act 2010 (c. 4)

Part 8 U.K. Oil activities

[F1 CHAPTER 8 U.K. Supplementary charge: onshore allowance

Textual Amendments

F1 Pt. 8 Ch. 8 inserted (with effect in accordance with Sch. 15 paras. 6(1), 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 3

Activated and unactivated allowance: basic calculation rules U.K.

356EB Carrying forward of unactivated allowance U.K.

(1) This section applies where X is greater than Y in the case of an accounting period of a company and a site, where—

• X is the closing balance of unactivated allowance for the accounting period and the site;

• Y is the company's relevant income for the accounting period from that site.

(2) An amount equal to the difference between X and Y is treated as onshore allowance held by the company for that site for the next accounting period (and is treated as held with effect from the beginning of that period).]