Part 8Oil activities
F1CHAPTER 8Supplementary charge: onshore allowance
Introduction
356BOverview
This Chapter sets out how relief for certain capital expenditure incurred for the purposes of onshore oil-related activities is given by way of reduction of a company's adjusted ring fence profits, and includes provision about—
(a)
the need for allowance held for a site to be activated by relevant income from the same site in order for the allowance to be available for reducing adjusted ring fence profits,
(b)
elections by a company to transfer allowance between different sites in which it is a licensee (see section 356F), and
(c)
mandatory transfers of allowance where shares in the equity in a licensed area are disposed of (see sections 356H to 356HB and the related provisions in sections 356G to 356GD).