Corporation Tax Act 2010

[F1 356AA] Other definitions U.K.

[F2 (1)] In this Chapter—

• “adjusted ring fence profits”, in relation to a company and an accounting period, means the adjusted ring fence profits that would (if this Chapter were ignored) be taken into account in calculating the supplementary charge on the company under section 330(1) for the accounting period [F3 ; but see also section 356DB (companies with allowances under Chapter 8 as well as this Chapter)],

• [F4 “authorisation day” means—

  (a)

  [F5 in relation to an additionally-developed oil field and a project authorised in relation to the field as mentioned in section 349A(1)(a), the day when the project is so authorised,]

  (b)

  in relation to a new oil field, the day when development of the field is authorised as mentioned in section 350(1)(b),]

• [F6 “eligible oil field” means an oil field which is an additionally-developed oil field or a new oil field,]

• F7 ...

• “licensee” has the same meaning as in Part 1 of OTA 1975, and

• “relevant income”, in relation to [F8 an eligible oil field] and an accounting period of a company, means production income of the company from any oil extraction activities carried on in the field that is taken into account in calculating the company's adjusted ring fence profits for the accounting period.

[F9 (2) Any reference in this Chapter to a share of the equity in an oil field (other than the reference in section 356A(6)) is, in the case of an additionally-developed oil field and a project authorised in relation to the field as mentioned in section 349A(1)(a), to be read as a reference to a share of the additional reserves of oil which the field has as a result of the project.]

Textual Amendments

F1 S. 357 renumbered as s. 356AA (17.7.2014) by Finance Act 2014 (c. 26), Sch. 15 para. 2

F2 S. 357(1): renumbered (retrospective to 1.4.2013) by The Additionally-developed Oil Fields Order 2013 (S.I. 2013/2910), arts. 1(1), 11(2)

F3 Words in s. 356AA inserted (with effect in accordance with Sch. 15 para. 6(1) of the amending Act) by Finance Act 2014 (c. 26), Sch. 15 para. 5(4)

F4 Words in s. 357(1) substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 16(2), 21(2); S.I. 2013/744, art. 2

F5 Words in s. 357(1) substituted (retrospective to 1.4.2013) by The Additionally-developed Oil Fields Order 2013 (S.I. 2013/2910), arts. 1(1), 11(3)

F6 Words in s. 357 inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 22 paras. 16(3), 21(2)

F7 Words in s. 357(1) omitted (1.4.2013) by virtue of Finance Act 2012 (c. 14), Sch. 22 paras. 16(4), 21(2); S.I. 2013/744, art. 2

F8 Words in s. 357 substituted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 22 paras. 16(5), 21(2); S.I. 2013/744, art. 2

F9 S. 357(2) inserted (retrospective to 1.4.2013) by The Additionally-developed Oil Fields Order 2013 (S.I. 2013/2910), arts. 1(1), 11(4)