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SCHEDULES

SCHEDULE 14U.K.Investment allowance and cluster area allowance: further amendments

PART 1 U.K.Amendments of CTA 2010

2(1)Section 270 (overview of Part) is amended as follows.U.K.

(2)After subsection (6) insert—

(6A)Chapter 6A makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to qualifying oil fields for the purposes of oil-related activities.

(3)Omit subsection (7).

(4)After subsection (7A) insert—

(7B)Chapter 9 makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to a cluster area for the purposes of oil-related activities.

(5)In subsection (8)—

(a)at the end of paragraph (a) insert “ and ”, and

(b)omit paragraph (c) and the “and” before it.