Finance Act 2001

Commencement of Part 1

4 (1) The amendments made by this Part of this Schedule apply to expenditure that is incurred—

(a) on or after 7th August 2000, and

(b) in a relevant chargeable period.

(2) The amendments made by paragraph 1 also apply to expenditure incurred before 7th August 2000 if the expenditure—

(a) is incurred in a relevant chargeable period, and

(b) is within sub-paragraph (3) or (4).

(3) Expenditure is within this sub-paragraph if—

(a) it is decommissioning expenditure on UK infrastructure, and

(b) it is incurred in connection with an abandonment programme approved on or after 7th August 2000.

(4) Expenditure is within this sub-paragraph if—

(a) it is decommissioning expenditure,

(b) it is not decommissioning expenditure on UK infrastructure, and

(c) it is incurred in connection with a decommissioning activity that takes place on or after 7th August 2000.

(5) The amendments made by paragraphs 2 and 3 also apply to expenditure incurred before 7th August 2000 if the expenditure—

(a) is incurred in a relevant chargeable period, and

(b) is incurred in connection with an abandonment programme approved on or after 7th August 2000.

(6) In sub-paragraphs (3) and (4), “decommissioning expenditure” and “decommissioning expenditure on UK infrastructure” have the same meaning as in the section 62AA inserted by paragraph 1.

(7) In sub-paragraph (4)(c) “decommissioning activity” means an activity mentioned in any of paragraphs (a) to (d) of the section 62AB(1) inserted by paragraph 1.

(8) In this paragraph “relevant chargeable period” means—

(a) for income tax purposes, a chargeable period ending before 6th April 2001, and

(b) for corporation tax purposes, a chargeable period ending before 1st April 2001.