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Corporation Tax Act 2010
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337Initial licensee to hold a field allowance
This section has no associated Explanatory Notes
(1)A company that is an initial licensee in a new oil field is to hold a field allowance for that field as from the beginning of the authorisation day.
(2)The amount of the field allowance which the licensee is to hold at that time is—
TxS
where—
T is the amount of the total field allowance for the field (see section 356), and
S is the share of the equity in the field which the initial licensee has at the beginning of the authorisation day.
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