Corporation Tax Act 2010 (c. 4)

Part 8 U.K. Oil activities

Chapter 7 U.K. Reduction of supplementary charge for certain new oil fields

No change in equity share: activation of allowance U.K.

340 Introduction to section 341 U.K.

(1) Section 341 applies to a company in respect of a new oil field and an accounting period if the following conditions are met.

(2) Condition A is that the company is a licensee in the field for the whole of the accounting period.

(3) Condition B is that the company's share of the equity in the field is the same during the whole of the accounting period.

(4) Condition C is that the company holds an unactivated amount of field allowance for the field at the beginning of the accounting period.

(5) Condition D is that the company has relevant income from the new oil field in the accounting period.