Corporation Tax Act 2010(c. 4) - Explanatory Notes

Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 4: Calculation of profits

Section 297: Relief for expenditure incurred by a participator in meeting defaulter’s abandonment expenditure

1012. This section provides for relief to a participator who meets the decommissioning expenditure that should have been met by another participator (the “defaulter”). It is based on section 64(4) and (5) of FA 1991.

1013. The corresponding rule for income tax is section 225S of ITTOIA (inserted by Schedule 1 to TIOPA).