(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.
F1(5A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)Chapter 6 makes provision about the supplementary charge in respect of ring fence trades.
[F2(6A)Chapter 6A makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to qualifying oil fields for the purposes of oil-related activities.]
F3(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(7A)Chapter 8 makes provision about the reduction of supplementary charge by an allowance for capital expenditure incurred for the purposes of onshore oil-related activities.]
[F5(7B)Chapter 9 makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to a cluster area for the purposes of oil-related activities.]
(8)For the meaning of—
(a)“oil-related activities”, see section 274, [F6and]
(b)“ring fence trade”, see section 277, F7...
F7(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 270(5A) omitted (with effect in accordance with Sch. 11 para. 14 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 11 para. 11
F2S. 270(6A) inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 2(2)
F3S. 270(7) omitted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 14 para. 2(3)
F4S. 270(7A) inserted (with effect in accordance with Sch. 15 para. 6(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 5(2)(a)
F5S. 270(7B) inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 2(4)
F6Word in s. 270(8)(a) inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 2(5)(a)
F7S. 270(8)(c) and preceding word omitted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 14 para. 2(5)(b)