Finance Act 2012

Amendments of Chapter 7 of Part 8 of CTA 2010

16 (1) Section 357 (other definitions) is amended as follows.

(2) For the definition of “authorisation day” substitute—

• ““authorisation day” means—

  (a)

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

  (b)

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

(3) After that definition insert—

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

(4) Omit the definition of “initial licensee”.

(5) In the definition of “relevant income”, for “a new oil field” substitute “an eligible oil field”.