Finance Act 2009 (c. 10)

SCHEDULES

SCHEDULE 44 U.K. Supplementary charge: reduction for certain new oil fields

Part 2 U.K. Pool of field allowances

Company's pool of field allowances U.K.

2 U.K. A company's pool of field allowances for an accounting period (“the relevant accounting period”) is—

where—

P is the amount of the company's pool of field allowances for the previous accounting period that has been carried into the relevant accounting period (see paragraphs 3 and 4), and

R is the aggregate of the amounts of field allowances for new oil fields which the company holds (see Part 3) that are activated in respect of—

• (a) the relevant accounting period (see Part 4), and

• (b) reference periods that fall within the relevant accounting period (see Part 5).

Carrying part of pool of field allowances into following period U.K.

3 (1) This paragraph applies if— U.K.

(a) a company has a pool of field allowances for an accounting period (“accounting period 1”), and

(b) the company's adjusted ring fence profits for accounting period 1 are reduced to nil in accordance with paragraph 1(2).

(2) A part of the company's pool of field allowances for accounting period 1 is to be carried into the following accounting period (“accounting period 2”).

(3) The part to be carried into accounting period 2 is—

where—

F is the amount of the company's pool of field allowances for accounting period 1, and

P is the amount of the adjusted ring fence profits for accounting period 1.

Carrying whole of pool of field allowances into following period U.K.

4 (1) This paragraph applies if a company— U.K.

(a) has a pool of field allowances for an accounting period, but

(b) has no adjusted ring fence profits for the accounting period.

(2) The whole of the company's pool of field allowances for the accounting period is to be carried into the following accounting period.