# Oil Taxation Act 1983, Paragraph 3


(1) Subject to sub-paragraph (2) below, a field asset is a chargeable asset in relation to a participator in a foreign field if, on the relevant assumptions, expenditure incurred by the participator in respect of the asset would be or would have been allowable for that foreign field—
(a) under section 3 of this Act or section 4 of the principal Act, or
(b) in the case of an asset the useful life of which was, at the time the expenditure was incurred, expected to exceed six months, under section 3 of the principal Act.
(2) An asset which is a field asset by virtue of subsection (6) of the principal section is a chargeable asset in relation to that participator in that foreign field in relation to whom and to which the asset referred to in paragraph (c) of that subsection is a chargeable asset.

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Source: https://www.legislation.gov.uk/ukpga/1983/56/schedule/4/paragraph/3 (the official version)
Page: https://openlegislation.uk/oil-taxation-act-1983/schedule-4/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.