Income Tax (Trading and Other Income) Act 2005

Oil Taxation Act 1975 (c. 22)

392 In section 3(2) (allowance of expenditure (other than expenditure on long-term assets and abortive exploration expenditure))—

(a) in the first sentence—

(i) after “section 579 of the Taxes Act” insert “or under section 77 of the Income Tax (Trading and Other Income) Act 2005 (“ITTOIA 2005”)”,

(ii) after “under that subsection” insert “or that section”, and

(iii) omit “less the amount of the rebate recoverable (within the meaning of that subsection)”, and

(b) in the second sentence—

(i) after “section 492 of the Taxes Act” insert “or by virtue of section 16 of ITTOIA 2005”,

(ii) after “paragraph (a) or (b) of that subsection” insert “or within the definition of “oil-related activities” in section 16(2) of ITTOIA 2005”, and

(iii) after “if that subsection” insert “or section”.