Section 356GA Reference periodsF1

(1)

For the purposes of sections 356GB to 356GD, the accounting period, or (if the company is not a licensee for the whole of the accounting period) the part or parts of the accounting period for which the company is a licensee, are to be divided into reference periods (each of which “belongs to” the site concerned).

(2)

A reference period is a period of consecutive days that meets the following conditions—

(a)

at the beginning of each day in the period, the company is a licensee in the licensed area;

(b)

at the beginning of each day in the period, the company's share of the equity in the licensed area is the same;

(c)

each day in the period falls within the accounting period.

Annotations

Textual amendments

F1: Pt. 8 Ch. 8 inserted (with effect in accordance with Sch. 15 paras. 6(1), 9(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 3