SCHEDULES

SCHEDULE 22Reduction of supplementary charge for certain oil fields

14Amendments of Chapter 7 of Part 8 of CTA 2010

1

Section 349 (orders) is amended as follows.

2

In subsection (1), before “qualifying oil fields” insert “additionally-developed oil fields or”.

3

In subsection (2), for “new oil field” (in both places) substitute “eligible oil field”.

4

After subsection (2) insert—

2A

The Commissioners for Her Majesty’s Revenue and Customs may by order make provision about the meaning of any term used in this Chapter.

5

For subsection (3) substitute—

3

The provision that may be made by an order under this section includes—

a

provision amending this Chapter,

b

provision that has effect in relation to times before the order is made and does not increase any person’s liability to tax, and

c

incidental, supplemental, consequential, transitional or saving provision, including provision amending, repealing or revoking any provision made by or under this Act.