Version Superseded: 01/04/2013
Point in time view as at 31/01/2013. This version of this provision has been superseded.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 344 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)An amount of the company's field allowance for the new oil field is to be activated in respect of each reference 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 reference period, and
(c)the unactivated amount of the field allowance which the company holds at the beginning of the reference 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 reference period, and
R is the number of days in the reference period.
(4)The company's relevant income from the field in the reference period is—
where—
I is the company's relevant income from the field in the whole of the accounting period,
R is the number of days in the reference period, and
L is the number of days in the accounting period for which the company is a licensee in the new oil field.
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