Part 8 Oil activities

CHAPTER 8 Supplementary charge: onshore allowance

Activated and unactivated allowance: basic calculation rules

356EB Carrying forward of unactivated allowance
(1) This section applies where X is greater than Y in the case of an accounting period of a company and a site, where—
X is the closing balance of unactivated allowance for the accounting period and the site;
Y is the company's relevant income for the accounting period from that site.
(2) An amount equal to the difference between X and Y is treated as onshore allowance held by the company for that site for the next accounting period (and is treated as held with effect from the beginning of that period).
Pt. 8 Ch. 8 inserted (with effect in accordance with Sch. 15 paras. 6(1), 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 3