Section 139 Assets generating tariff receipts: extension of allowable expenditure.X1

(1)

In Part I of Schedule 1 to the M1Oil Taxation Act 1983 (extensions of allowable expenditure for assets generating receipts) paragraph 3 (expenditure on enhancing the value of assets no longer in use for the principal field) shall be amended as follows—

(a)

in sub-paragraph (1)(a) after the words “enhancing the value of” there shall be inserted “ or otherwise in connection with ”;

(b)

in sub-paragraph (1)(d) for the words “the expenditure” there shall be substituted “ either the use of the asset ” and after the words “tariff receipts or” there shall be inserted “ the expenditure ”.

(2)

This section shall have effect with respect to expenditure incurred on or after 15th March 1988.

Annotations

Marginal citations

M1: 1983 c. 56.

Editorial notes

X1: The text of s. 139 is in the form in which it was originally enacted; it was notreproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.