{
  "url": "https://openlegislation.uk/finance-act-2014/schedule-15/paragraph-5",
  "json_url": "https://openlegislation.uk/finance-act-2014/schedule-15/paragraph-5.json",
  "legislation": "ukpga/2014/26",
  "legislation_title": "Finance Act 2014",
  "legislation_url": "https://openlegislation.uk/finance-act-2014",
  "path": "schedule/15/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) CTA 2010 is amended as follows.\n(2) In section 270 (overview of Part)—\n(a) after subsection (7) insert—\n“(7A) Chapter 8 makes provision about the reduction of supplementary charge by an allowance for capital expenditure incurred for the purposes of onshore oil-related activities.”;\n(b) in subsection (8)(c), for “357” substitute “ 356AA ”.\n(3) In section 333 (reduction of adjusted ring fence profits)—\n(a) in subsection (1), after “reduced” insert “ (but not below zero) ”;\n(b) omit subsection (2).\n(4) In section 356AA (as renumbered by paragraph 2)(definitions for Chapter 7), in the definition of “adjusted ring fence profits”, at the end insert “ ; but see also section 356DB (companies with allowances under Chapter 8 as well as this Chapter) ”.\n(5) In Schedule 4 (index of defined expressions)—\n(a) at the appropriate places insert—\n“\nadjusted ring fence profits (in Chapter 8 of Part 8)\nsection 356JB\n”;\n“\ncumulative total amount of activated allowance (in Chapter 8 of Part 8)\nsection 356JB\n”;\n“\nonshore allowance (in Chapter 8 of Part 8)\nsection 356JB\n”;\n“\nonshore oil-related activities (in Chapter 8 of Part 8)\nsection 356BA\n”;\n“\nrelevant income (in Chapter 8 of Part 8)\nsection 356E(3)\n”;\n“\nsite (in Chapter 8 of Part 8)\nsection 356BC\n”;\n(b) in the entries for “adjusted ring fence profits”, “authorisation day”, “eligible oil field”, “licensee” and “relevant income” (in each case, as those expressions are defined for Chapter 7 of Part 8 of CTA 2010), for “357” substitute “ 356AA ”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2014/26/schedule/15/paragraph/5",
    "retrieved_at": "2026-10-29T09:07:29.129035+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}