Finance Act 2008

Section 109

SCHEDULE 34 Oil decommissioning expenditure: consequential amendments

ICTA

1 In section 393A of ICTA (losses: set off against profits), in subsections (2C)(b) and (11)(a), for “abandonment expenditure” substitute “general decommissioning expenditure”.

CAA 2001

2 CAA 2001 is amended as follows.

3 In section 26 (demolition costs), in subsection (5), for “abandonment expenditure” substitute “general decommissioning expenditure”.

4 In section 57 (available qualifying expenditure), in the entry in subsection (2) relating to section 165(3) of CAA 2001, for “abandonment expenditure” substitute “general decommissioning expenditure”.

5 (1) Section 164 (abandonment expenditure incurred before cessation of ring fence trade) is amended as follows.

(2) In the heading, for “abandonment expenditure” substitute “general decommissioning expenditure”.

(3) In subsections (1), (2)(a), (3)(a), (4)(a) and (5), for “abandonment expenditure” substitute “general decommissioning expenditure”.

6 (1) Section 165 (abandonment expenditure within 3 years of ceasing ring fence trade) is amended as follows.

(2) In the heading, for “abandonment expenditure” substitute “general decommissioning expenditure”.

(3) In subsection (1)(b) and (c), for “abandonment expenditure” substitute “general decommissioning expenditure”.

(4) In subsection (3)—

(a) in paragraph (a), for “relevant abandonment cost” substitute “relevant decommissioning cost”, and

(b) in paragraph (b), for “abandonment expenditure” substitute “general decommissioning expenditure”.

(5) In subsection (4), in the definition of “the relevant abandonment cost”—

(a) for “relevant abandonment cost” substitute “relevant decommissioning cost”, and

(b) for “abandonment expenditure”, in each place, substitute “general decommissioning expenditure”.