189U.K.ITTOIA 2005 is amended as follows.
190U.K.In section 16(3) (oil extraction and related activities) for “section 502(1) of ICTA” substitute “ sections 225A and 225B ”.
191U.K.In Part 2 of Schedule 4 (index of defined expressions) at the appropriate places insert—
| “abandonment guarantee (in Chapter 16A of Part 2) | section 225N(6)” |
| “chargeable period (in Chapter 16A of Part 2) | section 225E” |
| “contributing participator (in Chapter 16A of Part 2) | section 225R(3)” |
| “the defaulter (in Chapter 16A of Part 2) | section 225R(3)” |
| “default payment (in Chapter 16A of Part 2) | section 225R(3)” |
| “designated area (in Chapter 16A of Part 2) | section 225E” |
| “the guarantor (in Chapter 16A of Part 2) | section 225N(6)” |
| “oil (in Chapter 16A of Part 2) | section 225E” |
| “oil extraction activities (in Chapter 16A of Part 2) | section 225A” |
| “oil field (in Chapter 16A of Part 2) | section 225E” |
| “oil rights (in Chapter 16A of Part 2) | section 225B” |
| “OTA 1975 (in Chapter 16A of Part 2) | section 225E” |
| “participator (in Chapter 16A of Part 2) | section 225E” |
| “the relevant participator (in Chapter 16A of Part 2) | section 225N(6)” |
| “ring fence income (in Chapter 16A of Part 2) | section 225C” |
| “ring fence trade (in Chapter 16A of Part 2) | section 225D” |