Part 3.Commencement and transitional provisions
38.Paragraph 6 provides that the amendments are to have effect in relation to capital expenditure incurred on or after 5 December 2013.
39.Paragraph 7 introduces transitional arrangements for onshore oil fields, allowing a company to elect to defer commencement of the onshore allowance until 1 January 2015.
40.Paragraph 8 introduces arrangements in paragraphs 9 and 10 for accounting periods which straddle the commencement date of 5 December 2013 (or, if applicable, 1 January 2015).
41.Paragraph 9 provides for the apportionment of a company’s adjusted ring fence profits in a straddling accounting period according to the number of days falling on or after the commencement day.
42.Paragraph 10 provides for the apportionment of relevant income for determining activated allowance in a straddling accounting period according to the number of days falling on or after the commencement day.
