# Finance Act 2014, Paragraph 5


(1) CTA 2010 is amended as follows.
(2) In section 270 (overview of Part)—
(a) after subsection (7) insert—
“(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.”;
(b) in subsection (8)(c), for “357” substitute “ 356AA ”.
(3) In section 333 (reduction of adjusted ring fence profits)—
(a) in subsection (1), after “reduced” insert “ (but not below zero) ”;
(b) omit subsection (2).
(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) ”.
(5) In Schedule 4 (index of defined expressions)—
(a) at the appropriate places insert—
“
adjusted ring fence profits (in Chapter 8 of Part 8)
section 356JB
”;
“
cumulative total amount of activated allowance (in Chapter 8 of Part 8)
section 356JB
”;
“
onshore allowance (in Chapter 8 of Part 8)
section 356JB
”;
“
onshore oil-related activities (in Chapter 8 of Part 8)
section 356BA
”;
“
relevant income (in Chapter 8 of Part 8)
section 356E(3)
”;
“
site (in Chapter 8 of Part 8)
section 356BC
”;
(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 ”.

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Source: https://www.legislation.gov.uk/ukpga/2014/26/schedule/15/paragraph/5 (the official version)
Page: https://openlegislation.uk/finance-act-2014/schedule-15/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.