Corporation Tax Act 2010

334 Company’s pool of field allowances

A company’s pool of field allowances for an accounting period (“the relevant accounting period”) is—

P + R

where—

• P is the amount of the company’s pool of field allowances for the previous accounting period that has been carried into the relevant accounting period (see sections 335 and 336), and

• R is the aggregate of the amounts of field allowances for new oil fields which the company holds (see sections 337 to 339) that are activated in respect of—

  (a)

  the relevant accounting period (see sections 340 and 341), and

  (b)

  reference periods that fall within the relevant accounting period (see sections 342 to 344).