Paragraph 20 I1

Paragraph 28 (interpretation) is amended as follows.

In paragraph (c) (meaning of “direct tax”), omit “and” after paragraph (ii) and after paragraph (iii) insert

“and

(iv)

petroleum revenue tax,”.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

In paragraph (f), insert at the end “ against tax or to a payment of a corporation tax credit ”.

After that paragraph insert—

“(fa)

“corporation tax credit” means—

(i)

an R&D tax credit under Schedule 20 to FA 2000,

(ii)

a land remediation tax credit or life assurance company tax credit under Schedule 22 to FA 2001,

(iii)

a tax credit under Schedule 13 to FA 2002 (vaccine research etc),

(iv)

a film tax credit under Schedule 5 to FA 2006, or

(v)

a first-year tax credit under Schedule A1 to CAA 2001,”.