Corporation Tax Act 2010

Chapter 1 U.K. Introduction

270 Overview of Part U.K.

(1) This Part is about the corporation tax treatment of oil activities.

(2) Chapter 2 contains basic definitions used in this Part.

(3) Chapter 3 treats oil-related activities as a separate trade.

(4) Chapter 4 makes provision about the calculation of profits from oil activities.

(5) Chapter 5 makes provision about ring fence expenditure supplement.

(6) Chapter 6 makes provision about the supplementary charge in respect of ring fence trades.

(7) Chapter 7 makes provision about the reduction of the supplementary charge for [F1 eligible oil fields].

(8) For the meaning of—

(a) “oil-related activities”, see section 274,

(b) “ring fence trade”, see section 277, and

[F2 (c) “eligible oil field”, see section 357.]

Textual Amendments

F1 Words in s. 270(7) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 18(2)(a), 21(2); S.I. 2013/744, art. 2

F2 S. 270(8)(c) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 18(2)(b), 21(2); S.I. 2013/744, art. 2