Part 2

Trading income
Chapter 2

Income taxed as trade profits

Trades and trade profits

Oil extraction and related activities
16
1
If a person carries on any oil-related activities as part of a trade, those activities are treated for income tax purposes as a separate trade, distinct from all other activities carried on by the person as part of the trade.
2
For this purpose the following are oil-related activities—
a
oil extraction activities, and
b
any activities consisting of the acquisition, enjoyment or exploitation of oil rights.
3
“Oil extraction activities” and “oil rights” have the meaning given by sections 225A and 225B.
S. 16 excluded (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 87, 1034, (with transitional provisions and savings in Sch. 2)
Words in s. 16(3) substituted (1.4.2010) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 190 (with Sch. 9 paras. 1-9, 22)