Corporation Tax Act 2010 (c. 4)

Part 8 U.K. Oil activities

[F1 CHAPTER 6A U.K. Supplementary charge: investment allowance

Textual Amendments

F1 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

Modifications etc. (not altering text)

C1 Pt. 8 Ch. 6A restricted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 6(2)

Activated and unactivated allowance: basic calculation rules U.K.

332FA The closing balance of unactivated allowance for an accounting period U.K.

The closing balance of unactivated allowance held by a company for an accounting period and a qualifying oil field is—

where—

• P is the amount of investment allowance generated by the company in the qualifying oil field in the accounting period (including any amount treated under section 332IB(1) as generated by the company in that field in that accounting period);

• Q is any amount carried forward from an immediately preceding accounting period under section 332FC(1) or from an immediately preceding reference period under section 332HB(1).]