Chwilio Deddfwriaeth

Finance Act 1987

 Help about what version

Pa Fersiwn

 Help about opening options

Dewisiadau AgorExpand opening options

Status:

Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Part IIAmendments Relating to the New Allowance

The principal Act

1In section 2(9) of the principal Act (amounts to be taken into account in respect of expenditure) at the end of paragraph (f) there shall be added and

(g)any research expenditure allowable in the case of the participator under section 5B of this Act which, on a claim made by him under Schedule 7 to this Act, has been allowed under that Schedule before the Board have made an assessment to tax or a determination on or in relation to him for the period in respect of the field, so far as that expenditure has not been taken into account in any previous assessment to tax or determination.

2In section 3 of that Act, in subsection (3) (expenditure not allowable under that section if already allowed under other provisions) after the words "section 5A" there shall be inserted "or section 5B".

3In section 9 of that Act (limit on amount of tax payable) in subsection (2)(a)(ii) for the words "and (f)" there shall be substituted "(f) and (g)".

4In paragraph 2 of Schedule 2 to that Act (returns by participators) in sub-paragraph (2A) (initial return to include particulars of certain expenditure already claimed) for the words "exploration and appraisal expenditure to which section 5A" there shall be substituted "expenditure to which section 5A or section 5B".

5(1)In Schedule 7 to that Act (claim for allowance of certain exploration expenditure etc.) at the end of paragraph 1(1 )(b) there shall be added or

(c)of any research expenditure allowable under section 5B of this Act.

(2)In paragraph 1(3) of that Schedule after the words "section 5 A" there shall be inserted "or section 5B".

The Petroleum Revenue Tax Act 1980

6In the Schedule to the [1980 c. 1.] Petroleum Revenue Tax Act 1980 (computation of payment on account) in paragraph 2(4) for the words "or (f)" there shall be substituted "(f) or (g)".

The Finance Act 1980

7In Schedule 17 to the [1980 c. 48.] Finance Act 1980 (transfers of interests in oil fields) after paragraph 16A (exploration and appraisal expenditure) there shall be inserted—

Research expenditure

16BIn relation to research expenditure to which section 5B applies, paragraph 16 above has effect as if any reference therein to section 5 were a reference to section 5B.

The Finance Act 1981

8In section 111 of the [1981 c. 35.] Finance Act 1981 (restriction of expenditure supplement) in subsection (3)(a) the words following "the principal Act" (which specify certain types of expenditure and losses) shall be omitted.

The Finance Act 1984

9(1)In section 113 of the [1984 c. 43.] Finance Act 1984 (restriction on PRT reliefs), in subsection (1)—

(a)the words "abortive exploration expenditure or exploration and appraisal" shall be omitted; and

(b)after the words "section 5A" there shall be inserted "or section 5B".

(2)In subsection (6) of that section—

(a)after the words "section 5A" there shall be inserted "or section 5B"; and

(b)for the words "paragraph 16 or paragraph 16A" there shall be substituted "paragraphs 16 to 16B".

Yn ôl i’r brig

Options/Help

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?