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Article 11 Amendments of CTA 2010

Original text. Later amendments are not shown.

(1)

Section 357 (other definitions) is amended as follows.

(2)

The existing provision becomes subsection (1).

(3)

In subsection (1), in the definition of “authorisation day”, for paragraph (a) substitute—

“(a)

in relation to an additionally-developed oil field and a project authorised in relation to the field as mentioned in section 349A(1)(a), the day when the project is so authorised,”.

(4)

After subsection (1) insert—

“(2)

Any reference in this Chapter to a share of the equity in an oil field (other than the reference in section 356A(6)) is, in the case of an additionally-developed oil field and a project authorised in relation to the field as mentioned in section 349A(1)(a), to be read as a reference to a share of the additional reserves of oil which the field has as a result of the project.”