[F1332HBCarry-forward of unactivated allowance from a reference periodU.K.
(1)If, in the case of a reference period (“RP1”) of a company, the amount given by subsection (2) is greater than zero, that amount is treated as investment allowance held by the company for the qualifying oil field for the next period (and is treated as held with effect from the beginning of that period).
(2)The amount is—
where—
U is the total amount of unactivated allowance attributable to the reference period and the qualifying oil field (see section 332HA(1));
A is the amount of activated allowance that the company has for the qualifying oil field for the reference period (see section 332H(1));
T is any amount that is required by section 332IA(1) (reduction of allowance if equity disposed of) to be deducted in connection with a disposal or disposals made on the day following the end of the reference period.
(3)If RP1 is immediately followed by another reference period of the company (belonging to the same qualifying oil field), “the next period” means that reference period.
(4)If subsection (3) does not apply, “the next period” means the next accounting period of the company.]
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