Schedules
SCHEDULE 1Minor and consequential amendments
Part 2Other enactments
Oil Taxation Act 1975
161
1
Amend section 3 (allowance of expenditure) as follows.
2
In subsection (1DB)(b) for “section 492(1) of the Income and Corporation Taxes Act 1988” substitute “
the definition of “oil-related activities” in section 274 of CTA 2010
”
.
3
In subsection (2)—
a
for the words from “subsection (1) of section 492” to “that subsection or section” substitute “
section 16 of ITTOIA 2005 or section 279 of CTA 2010 consists of activities carried on by the participator that fall within the definition of “oil-related activities” in section 16(2) of ITTOIA 2005 or section 274 of CTA 2010 or which would have so consisted if those sections
”
, and
b
for “(within the meaning of the Taxes Acts)” substitute “
(as defined by section 1119 of CTA 2010)
”
.