Section 332CA Expenditure incurred before field is determinedF1

(1)

This section applies to expenditure incurred by a company on or after 1 April 2015 for the purposes of oil-related activities if or to the extent that the following conditions are met.

(2)

The conditions are—

(a)

that the expenditure was in respect of an area,

(b)

that, at the time the expenditure was incurred, the area had not been determined under Schedule 1 to OTA 1975 to be an oil field,

(c)

that the area is subsequently determined under that Schedule to be an oil field, and

(d)

that the company is a licensee in the oil field.

(3)

Where this section applies in relation to an amount of expenditure, that amount is treated for the purposes of this Chapter as incurred by the company—

(a)

in relation to the oil field, and

(b)

at the time when the area is determined under Schedule 1 to OTA 1975 to be an oil field.

Annotations

Textual amendments

F1: Pt. 8 Ch. 6A inserted (with effect in accordance with Sch. 12 para. 5 7 8 of the amending Act) by Finance Act 2015 (c. 11), Sch. 12 para. 2

Notes on Chapter 6A

Modifications

C1: Pt. 8 Ch. 6A restricted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 6(2)