Part 8Oil activities

F1CHAPTER 8Supplementary charge: onshore allowance

Annotations:
Amendments (Textual)
F1

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

Changes in equity share: activation of allowance

356GBActivation of allowance: reference periods

1

The amount (if any) of activated allowance that a company has with respect to a site for a reference period is the smaller of the following—

a

the company's relevant income from the site in the reference period;

b

the total amount of unactivated allowance that is attributable to the reference period and the site (see section 356GD).

2

The company's relevant income from the site in the reference period is—

where—

I is the company's relevant income from the site in the whole of the accounting period;

R is the number of days in the reference period;

L is the number of days in the accounting period for which the company is a licensee in the licensed area concerned.