FA 1980 is amended as follows.

In section 107(7) (transmedian fields) for “Chapter V of Part XII of the Taxes Act 1988” substitute “ Chapter 16A of Part 2 of the Income Tax (Trading and Other Income) Act 2005 ”.

FA 1982 is amended as follows.

In section 134(1) (alternative valuation of ethane used for petrochemical purposes) for “Chapter V of Part XII of the Taxes Act 1988” substitute “ Chapter 16A of Part 2 of the Income Tax (Trading and Other Income) Act 2005 ”.

In Schedule 19 (supplementary provisions relating to advance petroleum revenue tax) omit paragraph 10(7).

ICTA is amended as follows.

Omit section 493(1) to (6) (valuation of oil disposed of or appropriated in certain circumstances).

Omit section 495 (regional development grants).

Omit section 496 (tariff receipts and tax-exempt tariffing receipts).

Omit section 502(1) and (2) (interpretation of Chapter 5).

FA 1991 is amended as follows.

Omit sections 62 to 65 (abandonment guarantees and abandonment expenditure).

FA 1999 is amended as follows.

In section 98(7) (qualifying assets) for paragraphs (b) and (c) substitute—

ITTOIA 2005 is amended as follows.

In section 16(3) (oil extraction and related activities) for “section 502(1) of ICTA” substitute “ sections 225A and 225B ”.

In Part 2 of Schedule 4 (index of defined expressions) at the appropriate places insert—

ITA 2007 is amended as follows.

In section 80(3) (ring fence income) for “same meaning as in Chapter 5 of Part 12 of ICTA (see section 502 of that Act)” substitute “ meaning given by sections 225A and 225B of ITTOIA 2005 ”.