SCHEDULES
SCHEDULE 20 CAPITAL ALLOWANCES: OFFSHORE OIL INFRASTRUCTURE
Part 1 CHARGEABLE PERIODS ENDING BEFORE 1ST OR 6TH APRIL 2001
4Commencement of Part 1
1
The amendments made by this Part of this Schedule apply to expenditure that is incurred—
a
on or after 7th August 2000, and
b
in a relevant chargeable period.
2
The amendments made by paragraph 1 also apply to expenditure incurred before 7th August 2000 if the expenditure—
a
is incurred in a relevant chargeable period, and
b
is within sub-paragraph (3) or (4).
3
Expenditure is within this sub-paragraph if—
a
it is decommissioning expenditure on UK infrastructure, and
b
it is incurred in connection with an abandonment programme approved on or after 7th August 2000.
4
Expenditure is within this sub-paragraph if—
a
it is decommissioning expenditure,
b
it is not decommissioning expenditure on UK infrastructure, and
c
it is incurred in connection with a decommissioning activity that takes place on or after 7th August 2000.
5
The amendments made by paragraphs 2 and 3 also apply to expenditure incurred before 7th August 2000 if the expenditure—
a
is incurred in a relevant chargeable period, and
b
is incurred in connection with an abandonment programme approved on or after 7th August 2000.
6
In sub-paragraphs (3) and (4), “decommissioning expenditure” and “decommissioning expenditure on UK infrastructure” have the same meaning as in the section 62AA inserted by paragraph 1.
7
In sub-paragraph (4)(c) “decommissioning activity” means an activity mentioned in any of paragraphs (a) to (d) of the section 62AB(1) inserted by paragraph 1.
8
In this paragraph “relevant chargeable period” means—
a
for income tax purposes, a chargeable period ending before 6th April 2001, and
b
for corporation tax purposes, a chargeable period ending before 1st April 2001.