Regulation 2 Relevant income for investment allowance

(1)

Tariff receipts are relevant income for the purposes of Chapter 6A of Part 8, where the condition in paragraph (2) is satisfied.

(2)

The condition is that when the tariff receipts are taken into account in calculating the company’s adjusted ring fence profits^f1 for the accounting period, the tariff receipts are attributable to the qualifying oil field^f2 mentioned at section 332F(1)(a).

Annotations

Footnotes

f1: The meaning of “ring fence profits” is given in section 276 of the Corporation Tax Act 2010.
f2: The meaning of “qualifying oil field” is given in section 332B of the Corporation Tax Act 2010. Section 332B was inserted by paragraphs 1 and 2 of Schedule 12 to the Finance Act 2015.