342Introduction to sections 343 and 344U.K.
(1)Sections 343 and 344 apply 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, or for part, of the accounting period.
(3)Condition B is that the company's share of the equity in the field is different at different times during the accounting period.
(4)Condition C is that the company holds an unactivated amount of field allowance for the field at any time during the accounting period.
(5)Condition D is that the company has relevant income from the field in the accounting period.
(6)In a case where a company has three or more different shares of the equity in a new oil field during a particular day, sections 343 and 344 (in particular provisions relating to the beginning or end of a day) have effect subject to the necessary modifications.