Part 8Oil activities
C1F1CHAPTER 6ASupplementary charge: investment allowance
Pt. 8 Ch. 6A restricted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 6(2)
“Qualifying oil field” and “investment expenditure”
332BAMeaning of “investment expenditure”
1
For the purposes of this Chapter, expenditure incurred by a company is “investment” expenditure only if it is—
a
capital expenditure, or
b
expenditure of such other description as may be prescribed by the Treasury by regulations.
2
Regulations under subsection (1)(b) may provide for any of the provisions of the regulations to have effect in relation to expenditure incurred before the regulations are made.
3
But subsection (2) does not apply to any provision of amending or revoking regulations which has the effect that expenditure of any description ceases to be investment expenditure.
4
Regulations under subsection (1)(b) may—
a
make different provision for different purposes;
b
make transitional provision and savings.
Pt. 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