PART 2

Corporation tax

Oil and gas

Cluster area allowance: disqualifying conditions
62
1
Section 356JFA of CTA 2010 (expenditure on acquisition of asset: disqualifying conditions) is amended as follows.
2
In subsection (2) after “acquiring,” insert “ leasing, ”.
3
In subsection (3)(b) after “acquiring,” insert “ leasing, ”.
4
After subsection (4) insert—
5
In this section any reference to expenditure which was incurred by a company in “leasing” an asset is to expenditure incurred by the company under an agreement under which the asset was leased to the company.
5
The amendments made by this section have effect for the purposes of determining whether any expenditure incurred by a company on or after 16 March 2016 on the acquisition of an asset is relievable expenditure for the purposes of section 356JF of CTA 2010.