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(1)In Part I of Schedule 1 to the [1983 c. 56.] Oil 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.
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