Corporation Tax Act 2010 (c. 4)

Part 8 U.K. Oil activities

[F1 CHAPTER 9 U.K. Supplementary charge: cluster area allowance

Textual Amendments

F1 Pt. 8 Ch. 9 inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 2

Modifications etc. (not altering text)

C1 Pt. 8 Ch. 9 restricted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 6(2)

Transfers of allowance on disposal of equity share U.K.

356JKA More than one disposal on a single day U.K.

(1) Subsections (2) to (4) apply where a company makes, on a single day and in relation to a single cluster area, more than one disposal falling within section 356JK(1)(a).

(2) The company may, by an election, choose the order of priority of the disposals for the purposes of section 356JK(8).

(3) A disposal which is placed higher in the order of priority than another disposal is a “prior disposal” in relation to the other for the purposes of the definition of “S” in section 356JK(8).

(4) An election under subsection (2) is irrevocable.]