Version Superseded: 01/04/2013
Point in time view as at 31/01/2013. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 337 is up to date with all changes known to be in force on or before 04 March 2025. 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.
(1)A company that is an initial licensee in a new oil field is to hold a field allowance for that field as from the beginning of the [F1accounting period in which the authorisation day falls].
(2)The amount of the field allowance which the licensee is to hold at that time is—
where—
T is the amount of the total field allowance for the field (see section 356), and
S is the share of the equity in the field which the initial licensee has at the beginning of the authorisation day.
Textual Amendments
F1Words in s. 337(1) substituted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2011 (c. 11), s. 63(1)
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