[F1Changes in equity share: reference periodsU.K.
Textual Amendments
F1Pt. 8 Ch. 6A inserted (with effect in accordance with Sch. 12 para. 5 7 8 of the amending Act) by Finance Act 2015 (c. 11), Sch. 12 para. 2
332GReference periodsU.K.
(1)This section applies where—
(a)a company is a licensee in a qualifying oil field for the whole or part of an accounting period, and
(b)the company has different shares of the equity in the field on different days in the accounting period.
(2)For the purposes of this Chapter, the accounting period is to be divided into as many consecutive periods (called “reference periods”) as are necessary to secure that—
(a)a reference period begins with the first day of the accounting period,
(b)a reference period begins with the date of each disposal or acquisition of a share of the equity in the qualifying oil field that is made by the company in that accounting period (not including acquisitions or disposals made on the first day of the accounting period), and
(c)a reference period ends with the last day of the accounting period.
(3)Each such reference period “belongs to” the qualifying oil field concerned.]