- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2014)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 26/03/2015
Point in time view as at 06/04/2014.
Corporation Tax Act 2010, Cross Heading: Change in equity share: transfer of field allowance is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Sections 346 and 347 apply if the following conditions are met.
(2)Condition A is that a company that is a licensee in [F2an eligible oil field] (“the transferor”) disposes of the whole or a part of its share of the equity in [F3the field] (and in section 347 each of those to which a share of the equity is disposed of is referred to as “a transferee”).
(3)Condition B is that, immediately before the disposal, the transferor holds an unactivated amount of field allowance for [F4the field].
(4)Subsection (5) applies when—
(a)determining (for the purposes of this section) whether a transferor holds an unactivated amount of field allowance immediately before the disposal (“the relevant time”), and
(b)determining (for the purposes of section 346), the unactivated amount of field allowance which a transferor holds at the relevant time;
but it applies only if an amount of field allowance for [F4the field] (“the relevant amount”) has, by virtue of section 344, been activated in respect of the reference period that ends because of the disposal.
(5)When making the determination, the relevant amount of the field allowance must be treated as having been activated at a time before the relevant time.
(6)In a case where a company has three or more different shares of the equity in [F5an eligible oil field] during a particular day, sections 346 and 347 (in particular provisions relating to the beginning or end of a day) have effect subject to the necessary modifications.
Textual Amendments
F2Words in s. 345(2) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 11(2)(a), 21(2); S.I. 2013/744, art. 2
F3Words in s. 345(2) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 11(2)(b), 21(2); S.I. 2013/744, art. 2
F4Words in s. 345(3)(4) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 11(3), 21(2); S.I. 2013/744, art. 2
F5Words in s. 345(6) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 11(4), 21(2); S.I. 2013/744, art. 2
(1)The unactivated amount of the field allowance for [F6the eligible oil field] which the transferor holds immediately before the disposal is to be reduced by the following amount—
where—
F is the unactivated amount of the field allowance which the transferor holds immediately before the disposal,
E1 is the transferor's share of the equity in [F7the field] immediately before the disposal, and
E2 is the transferor's share of the equity in [F7the field] immediately after the disposal.
(2)This section has effect at the end of the day on which the disposal takes place.
Textual Amendments
F6Words in s. 346(1) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 12(2), 21(2); S.I. 2013/744, art. 2
F7Words in s. 346(1) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 12(3), 21(2); S.I. 2013/744, art. 2
(1)If a transferee holds a field allowance for [F8the eligible oil field] immediately before the disposal, the unactivated amount of the field allowance is to be increased by the amount calculated in accordance with subsection (4).
(2)If a transferee does not hold a field allowance for [F9the eligible oil field] immediately before the disposal, the transferee is to hold a field allowance for [F10the field].
(3)The amount of the field allowance which the transferee is to hold is calculated in accordance with subsection (4).
(4)The amount referred to in subsections (1) and (3) is—
where—
R is the amount of the reduction determined in accordance with section 346,
E3 is the share of the equity in [F11the field] that the transferee has acquired from the transferor, and
E1 and E2 are the same as in section 346.
(5)This section has effect at the end of the day on which the disposal takes place.
Textual Amendments
F8Words in s. 347(1) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 13(2), 21(2); S.I. 2013/744, art. 2
F9Words in s. 347(2) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 13(3)(a), 21(2); S.I. 2013/744, art. 2
F10Words in s. 347(2) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 13(3)(b), 21(2); S.I. 2013/744, art. 2
F11Words in s. 347(4) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 13(4), 21(2); S.I. 2013/744, art. 2
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