Corporation Tax Act 2010 (c. 4)

Part 8 U.K. Oil activities

Chapter 7 U.K. [F1 REDUCTION OF SUPPLEMENTARY CHARGE FOR ELIGIBLE OIL FIELDS]

Textual Amendments

F1 Pt. 8 Ch. 7 heading substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 17, 21(2); S.I. 2013/744, art. 2

Field allowance: when held and unactivated amount U.K.

337 [F2 Licensee to hold field allowance] U.K.

(1) A company that is [F3 a licensee in an additionally-developed oil field or a new oil field (an “eligible oil field”) on the authorisation day] is to hold a field allowance for that field as from the beginning of the [F4 accounting period in which the authorisation day falls] [F5 (and accordingly may hold more than one field allowance for the field at the same time) ].

(2) The amount of the field allowance which the licensee is to hold at that time is—

where—

T is the amount of the total field allowance for the field (see [F6 sections 356 and 356A]), and

S is the share of the equity in the field which the F7 ... licensee has at the beginning of the authorisation day.

Textual Amendments

F2 S. 337 heading substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 3(4), 21(2); S.I. 2013/744, art. 2

F3 Words in s. 337(1) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 3(2)(a), 21(2); S.I. 2013/744, art. 2

F4 Words in s. 337(1) substituted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2011 (c. 11), s. 63(1)

F5 Words in s. 337(1) inserted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 3(2)(b), 21(2); S.I. 2013/744, art. 2

F6 Words in s. 337(2) substituted (retrospective to 1.4.2013) by The Additionally-developed Oil Fields Order 2013 (S.I. 2013/2910), arts. 1(1), 4

F7 Word in s. 337(2) omitted (1.4.2013) by virtue of Finance Act 2012 (c. 14), Sch. 22 paras. 3(3), 21(2); S.I. 2013/744, art. 2

338 Holding a field allowance on acquisition of equity share U.K.

For provision about holding a field allowance by virtue of the acquisition of a share of the equity in [F8 an eligible oil field], see section 347(2).

Textual Amendments

F8 Words in s. 338 substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 4, 21(2); S.I. 2013/744, art. 2

339 Unactivated amount of field allowance U.K.

(1) This section applies if a company holds a field allowance for [F9 an eligible oil field] by virtue of section 337 or 347(2).

(2) The unactivated amount of that allowance at a particular time (“the relevant time”) is—

where—

R is the amount of the field allowance which the company held before the relevant time by virtue of section 337 or 347(2),

E is the total amount of the field allowance received before the relevant time by virtue of section 347(1) (company already holding field allowance acquires equity share),

A is the total amount of the field allowance activated in respect of —

(a)

accounting periods ending before the relevant time, or

(b)

reference periods ending before the relevant time, and

D is the total amount of reductions in the field allowance made before the relevant time by virtue of section 346 (company disposes of equity share).

(3) A company ceases to hold a field allowance for [F9 an eligible oil field] if the unactivated amount of that allowance falls to nil.

Textual Amendments

F9 Words in s. 339(1)(3) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 5, 21(2); S.I. 2013/744, art. 2