Part IV Miscellaneous and General
Petroleum revenue tax
139X1Assets generating tariff receipts: extension of allowable expenditure.
1
In Part I of Schedule 1 to the M1Oil Taxation Act 1983 (extensions of allowable expenditure for assets generating receipts) paragraph 3 (expenditure on enhancing the value of assets no longer in use for the principal field) shall be amended as follows—
a
in sub-paragraph (1)(a) after the words “enhancing the value of” there shall be inserted “
or otherwise in connection with
”
;
b
in sub-paragraph (1)(d) for the words “the expenditure” there shall be substituted “
either the use of the asset
”
and after the words “tariff receipts or” there shall be inserted “
the expenditure
”
.
2
This section shall have effect with respect to expenditure incurred on or after 15th March 1988.