Version Superseded: 21/12/2012
Point in time view as at 01/04/2010. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 353 is up to date with all changes known to be in force on or before 15 June 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)In this Chapter “small oil field” means an oil field which has reserves of oil of 3,500,000 tonnes or less.
(2)For the purposes of this section and section 356(2)—
(a)the amount of reserves of oil which an oil field has is to be determined on the authorisation day, and
(b)1,100 cubic metres of gas at a temperature of 15 degrees celsius and pressure of one atmosphere is to be counted as equivalent to one tonne.
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