Part 8

Oil activities
Chapter 6

Supplementary charge in respect of ring fence trades

Meaning of “decommissioning expenditure”
330C
1
In sections 330A and 330B “
decommissioning expenditure
” means expenditure incurred in connection with—
a
demolishing any plant or machinery,
b
preserving any plant or machinery pending its reuse or demolition,
c
preparing any plant or machinery for reuse,
d
arranging for the reuse of any plant or machinery, or
e
the restoration of any land.
2
It is immaterial for the purposes of subsection (1)(b) whether the plant or machinery is reused, is demolished or is partly reused and partly demolished.
3
It is immaterial for the purposes of subsection (1)(c) and (d) whether the plant or machinery is in fact reused.
4
In subsection (1)(e) “
restoration
” includes landscaping.
5
The Treasury may by order amend this section.
6
An order under subsection (5) may include transitional provision and savings.
Ss. 330A-330C inserted (with effect in accordance with Sch. 21 para. 6 of the amending Act) by Finance Act 2012 (c. 14), Sch. 21 para. 3