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Changes over time for: Section 341


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 01/04/2013
Status:
Point in time view as at 31/01/2013. This version of this provision has been superseded.

Status
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Changes to legislation:
Corporation Tax Act 2010, Section 341 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.

Changes to Legislation
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341Activation of field allowanceU.K.
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adran has no associated
Nodiadau Esboniadol
(1)An amount of the company's field allowance for the new oil field is to be activated in respect of the accounting period.
(2)The amount of the field allowance to be activated is the smallest of the following amounts—
(a)the relevant activation limit,
(b)the company's relevant income from the field in the accounting period, and
(c)the unactivated amount of the field allowance which the company holds at the beginning of the accounting period.
(3)The relevant activation limit is—
where—
T is the amount of the total field allowance for the field (see section 356),
E is the company's share of the equity in the field during the accounting period, and
N is the number of days in the accounting period.
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