Part 8 Oil activities

CHAPTER 9 Supplementary charge: cluster area allowance

Meaning of “investment expenditure”

356JE Meaning of “investment expenditure”
(1) For the purposes of this Chapter, expenditure incurred by a company is “investment” expenditure only if it is—
(a) capital expenditure, or
(b) expenditure of such other description as may be prescribed by the Treasury by regulations.
(2) Regulations under subsection (1)(b) may provide for any of the provisions of the regulations to have effect in relation to expenditure incurred before the regulations are made.
(3) But subsection (2) does not apply to any provision of amending or revoking regulations which has the effect that expenditure of any description ceases to be investment expenditure.
(4) Regulations under subsection (1)(b) may—
(a) make different provision for different purposes;
(b) make transitional provision and savings.
Pt. 8 Ch. 9 restricted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 6(2)
Pt. 8 Ch. 9 inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 2