# Finance Act 2012, Paragraph 3


(1) Section 337 (initial licensee to hold a field allowance) is amended as follows.
(2) In subsection (1)—
(a) for “an initial licensee in a new oil field” substitute “ a licensee in an additionally-developed oil field or a new oil field (an “eligible oil field”) on the authorisation day ”, and
(b) at the end insert “ (and accordingly may hold more than one field allowance for the field at the same time) ”.
(3) In subsection (2), omit “initial”.
(4) The heading of that section becomes “ Licensee to hold field allowance ”.

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Source: https://www.legislation.gov.uk/ukpga/2012/14/schedule/22/paragraph/3 (the official version)
Page: https://openlegislation.uk/finance-act-2012/schedule-22/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.