# Corporation Tax Act 2010, Section 292: Expenditure on abandonment guarantees

Extent: E+W+S+N.I.

(1) Subsection (2) applies if, as a result of section 3(1)(hh) of OTA 1975 (obtaining abandonment guarantee), expenditure incurred by a participator in an oil field is allowable (in whole or in part) for petroleum revenue tax purposes under section 3 of that Act.
(1A) Subsection (2) also applies if expenditure incurred by a participator in an oil field would be so allowable as a result of section 3(1)(hh) of that Act but for the fact that the oil field is a non-taxable oil field within the meaning of Part 3 of FA 1993 (see section 185 of that Act).
(2) So far as the expenditure mentioned in subsection (1) or (1A) is or would be so allowable , it is to be allowed as a deduction in calculating the participator's ring fence income.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) In this Chapter—
“abandonment guarantee” has the same meaning as it has for the purposes of section 3 of OTA 1975 (see section 104 of FA 1991 ), and
“the guarantor” and “the relevant participator” have the same meaning as in section 104 of that Act.

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Source: https://www.legislation.gov.uk/ukpga/2010/4/section/292 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2010/section-292
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.