Corporation Tax Act 2010 (c. 4)

Part 8 U.K. Oil activities

[F1 CHAPTER 8 U.K. Supplementary charge: onshore allowance

Textual Amendments

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

Interpretation] U.K.

[F2 356IB “Authorisation of development”: oil fields U.K.

(1) In this Chapter a reference to authorisation of development of an oil field is a reference to a national authority—

(a) granting a licensee consent for development of the field,

(b) serving on a licensee a programme of development for the field, or

(c) approving a programme of development for the field.

(2) In this section—

• “consent for development”, in relation to an oil field, does not include consent which is limited to the purpose of testing the characteristics of an oil-bearing area,

• “development”, in relation to an oil field, means winning oil from the field otherwise than in the course of searching for oil or drilling wells, and

• “national authority” means—

  (a)

  the [F3 OGA], or

  (b)

  a Northern Ireland department.]

Textual Amendments

F2 S. 356IB inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 7

F3 Word in s. 356IB(2) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 15(5)