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Finance Act 2014
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7(1)This paragraph applies in relation to any oil field whose development (in whole or in part) is authorised for the first time on or after 5 December 2013 but before 1 January 2015.
(2)At any time before 1 January 2015, the companies that are licensees in the oil field may jointly elect that the law is to have effect in relation to each of those companies as if the date specified in—
(a)section 352(2)(a) of CTA 2010 (as inserted by paragraph 4(4) of this Schedule),
(b)section 356C(3) of CTA 2010 (as inserted by paragraph 3 of this Schedule), and
(c)paragraph 6(3),
were 1 January 2015.
(3)Expressions used in this paragraph and in Chapter 7 of Part 8 of CTA 2010 have the same meaning in this paragraph as in that Chapter.
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