Finance Act 2009 (c. 10)

SCHEDULES

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

Part 6 U.K. Change in equity share: transfer of field allowance

Acquisition of field allowance if equity acquired U.K.

15 (1) If a transferee holds a field allowance for the new oil field immediately before the disposal, the unactivated amount of the field allowance is to be increased by the amount calculated in accordance with sub-paragraph (4). U.K.

(2) If a transferee does not hold a field allowance for the new oil field immediately before the disposal, the transferee is to hold a field allowance for the new oil field.

(3) The amount of the field allowance which the transferee is to hold is calculated in accordance with sub-paragraph (4).

(4) The amount referred to in sub-paragraphs (1) and (3) is—

where—

R is the amount of the reduction determined in accordance with paragraph 14,

E3 is the share of the equity in the new oil field that the transferee has acquired from the transferor, and

E1 and E2 are the same as in paragraph 14.

(5) This paragraph has effect at the end of the day on which the disposal takes place.