Part V Oil Taxation
Chapter I Election by Reference to Pipe-Line Usage
234 Interpretation of Chapter and supplementary provisions.
1
In this Chapter “the 1983 Act” means the M1Oil Taxation Act 1983 and expressions used in this Chapter have the same meaning as in that Act.
2
In this Chapter—
a
“election” means an election under section 231 above and “electing participator” means a participator who makes or has made an election;
b
“the expenditure relief provisions” means sections 3 and 4 of the principal Act and section 3 of the 1983 Act; and
c
“the initial usage fraction” shall be construed in accordance with section 231(4) above.
3
In this Chapter—
a
any reference to the assets to which an election applies is a reference to the pipe-line by reference to which the election is made together with the assets determined in accordance with subsections (5) and (6) of section 231 above;
b
any reference to the net profit period is a reference to the chargeable period which is the net profit period for the purposes of section 111 of the M2Finance Act 1981 (restriction of expenditure supplement); and
c
any reference to a development plan is a reference to a consent for, or programme of, development granted, served or approved by the Secretary of State.
4
Any reference in this Chapter to expenditure incurred on an asset is a reference to expenditure (whether or not of a capital nature) which—
a
is incurred in acquiring, bringing into existence or enhancing the value of the asset, or
b
is incurred (for any of the purposes mentioned in section 3(1) of the principal Act) by reference to the use of the asset in connection with a taxable field,
other than expenditure which, in the hands of the recipient, constitutes a tariff receipt.
5
For the purposes of this Chapter—
a
an election is “in operation” if it has been accepted by the Board; and
b
the date of an election which is in operation is the date on which the election was received by the Board.
6
The provisions of Part II of Schedule 22 to this Act shall have effect for supplementing the preceding provisions of this Chapter.
7
The Board may make all such amendments of assessments or determinations or of decisions on claims as may be necessary in consequence of the provisions of this Chapter.