340Introduction to section 341U.K.
This
adran has no associated
Nodiadau Esboniadol
(1)Section 341 applies to a company in respect of a new oil field and an accounting period if the following conditions are met.
(2)Condition A is that the company is a licensee in the field for the whole of the accounting period.
(3)Condition B is that the company's share of the equity in the field is the same during the whole of the accounting period.
(4)Condition C is that the company holds an unactivated amount of field allowance for the field at the beginning of the accounting period.
(5)Condition D is that the company has relevant income from the new oil field in the accounting period.