Part 8

Oil activities
CHAPTER 9

Supplementary charge: cluster area allowance

Transfers of allowance on disposal of equity share

More than one disposal on a single day
356JKA
1
Subsections (2) to (4) apply where a company makes, on a single day and in relation to a single cluster area, more than one disposal falling within section 356JK(1)(a).
2
The company may, by an election, choose the order of priority of the disposals for the purposes of section 356JK(8).
3
A disposal which is placed higher in the order of priority than another disposal is a “
prior disposal
” in relation to the other for the purposes of the definition of “S” in section 356JK(8).
4
An election under subsection (2) is irrevocable.
Pt. 8 Ch. 9 inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 2
Pt. 8 Ch. 9 restricted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 6(2)