(1)In this Act—
“associated company” has the same meaning as in Part 8 of CTA 2010 (see section 271),
“decommissioning costs” has the meaning given by section 9,
“energy (oil and gas) profits levy” has the meaning given by section 1,
[F1“facility” means a platform, an oil well, a platform well, an oil well head or upstream petroleum infrastructure,]
“financing costs” has the meaning given by section 8,
“investment expenditure” has the meaning given by section 2,
“leasing expenditure” has the meaning given by section 4,
“the levy” means the energy (oil and gas) profits levy,
“levy profits” or “levy loss” has the meaning given by section 1,
“oil” has the same meaning as in Part 8 of CTA 2010 (see section 278),
“oil extraction activities” has the same meaning as in Part 8 of CTA 2010 (see section 272),
“oil field” has the same meaning as in Part 8 of CTA 2010 (see section 278),
“” has the same meaning as in Part 8 of CTA 2010 (see section 274),
“operating expenditure” has the meaning given by section 3,
“qualifying accounting period” has the meaning given by section 1,
“qualifying levy loss” has the meaning given by section 1,
“qualifying levy profits” has the meaning given by section 1,
“ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276), F2...
“ring fence trade” has the same meaning as in Part 8 of CTA 2010 (see section 277),
[F3“upstream petroleum infrastructure” means any upstream petroleum pipeline, oil processing facility or gas processing facility (as those expressions are defined by section 90 of the Energy Act 2011 but as if that section also applied (with the appropriate modifications) to Northern Ireland).]
(2)In this Act—
“CAA 2001” means the Capital Allowances Act 2001,
“CTA 2009” means the Corporation Tax Act 2009,
“CTA 2010” means the Corporation Tax Act 2010,
“FA”, followed by a year, means the Finance Act of that year,
“the Instalment Payments Regulations 1998” means the Corporation Tax (Instalment Payments) Regulations 1998 (SI 1998/3175),
“OTA 1975” means the Oil Taxation Act 1975, and
“TMA 1970” means the Taxes Management Act 1970.
Textual Amendments
F1Words in s. 18(1) inserted (with effect in accordance with s. 12(7) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 12(6)(a)
F2Word in s. 18(1) omitted (with effect in accordance with s. 12(7) of the amending Act) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 12(6)(b)
F3Words in s. 18(1) inserted (with effect in accordance with s. 12(7) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 12(6)(b)
Commencement Information
I1S. 18 in force at Royal Assent