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

Reduction of field allowance if equity disposed of U.K.

14 (1) The unactivated amount of the field allowance for the new oil field which the transferor holds immediately before the disposal is to be reduced by the following amount— U.K.

where—

F is the unactivated amount of the field allowance which the transferor holds immediately before the disposal,

E1 is the transferor's share of the equity in the new oil field immediately before the disposal, and

E2 is the transferor's share of the equity in the new oil field immediately after the disposal.

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