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Finance Act 1991

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105 Restriction of expenditure relief by reference to payments under abandonment guarantees.E+W+S+N.I.

(1)If, under an abandonment guarantee, a payment is made by the guarantor on or after 19th March 1991, then, to the extent that any expenditure for which the relevant participator is liable is met, directly or indirectly, out of the payment, that expenditure shall not be regarded for any of the purposes of the principal Act as having been incurred by the relevant participator or any other participator in the oil field concerned.

(2)In any case where—

(a)a payment made by the guarantor under an abandonment guarantee is not immediately applied in meeting any expenditure, and

(b)the payment is for any period invested (either specifically or together with payments made by persons other than the guarantor) so as to be represented by, or by part of, the assets of a fund or account, and

(c)at a subsequent time, any expenditure for which the relevant participator is liable is met out of the assets of the fund or account,

any reference in subsection (1) above or section 106 below to expenditure which is met, directly or indirectly, out of the payment shall be construed as a reference to so much of the expenditure for which the relevant participator is liable as is met out of those assets of the fund or account which, at the subsequent time referred to in paragraph (c) above, it is just and reasonable to attribute to the payment.

(3)In subsections (1) and (2) above “the guarantor and “the relevant participator have the same meaning as in subsection (1) of section 104 above.

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