- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/03/2015)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/09/2016
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Corporation Tax Act 2010, Section 332D is up to date with all changes known to be in force on or before 23 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)Investment expenditure incurred by a company (“the acquiring company”) on the acquisition of an asset is not relievable expenditure for the purposes of section 332C if either of the disqualifying conditions in this section applies to the asset.
(2)The first disqualifying condition is that investment expenditure incurred before the acquisition, by the acquiring company or another company, in acquiring, bringing into existence or enhancing the value of the asset was relievable under section 332C.
(3)The second disqualifying condition is that—
(a)the asset—
(i)is the whole or part of the equity in a qualifying oil field, or
(ii)is acquired in connection with a transfer to the acquiring company of the whole or part of the equity in a qualifying oil field,
(b)expenditure was incurred before the acquisition, by the acquiring company or another company, in acquiring, bringing into existence or enhancing the value of the asset, and
(c)any of that expenditure—
(i)related to the qualifying oil field, and
(ii)would have been relievable under section 332C if this Chapter had been fully in force and had applied to expenditure incurred at that time.
(4)For the purposes of subsection (3)(a)(ii) it does not matter whether the asset is acquired at the time of the transfer.]
Textual Amendments
F1Pt. 8 Ch. 6A inserted (with effect in accordance with Sch. 12 para. 5 7 8 of the amending Act) by Finance Act 2015 (c. 11), Sch. 12 para. 2
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