Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

3 March 2010

Introduction

Part 8: Oil activities

Chapter 7: Reduction of supplementary charge for certain new oil fields
Section 337: Initial licensee to hold a field allowance

1087.This section provides that from the day a new oil field is licensed, a company that is an initial licensee holds a field allowance determined by the company’s equity share in the field. It is based on paragraph 5 of Schedule 44 to FA 2009.