4In this Part of this Schedule, the following expressions have the same meaning as in Chapter 7 of Part 8 of CTA 2010—
“additionally-developed oil field”;
“authorisation day”;
“eligible oil field”;
“new oil field”.
5The amendment made by paragraph 2 has effect in relation to accounting periods ending on or after 1 April 2015.
6(1)The amendment made by paragraph 3 has effect—
(a)in relation to projects authorised as mentioned in section 349A(1)(a) of CTA 2010 on or after 1 April 2015 in additionally-developed oil fields,
(b)in relation to new oil fields whose authorisation day is on or after 1 January 2016, and
(c)in the case of—
(i)projects authorised as mentioned in section 349A(1)(a) of CTA 2010 before 1 April 2015 in additionally-developed oil fields, or
(ii)new oil fields whose authorisation day is before 1 January 2016,
in relation to accounting periods ending on or after 1 April 2015.
(2)But sub-paragraph (1)(c) is subject to paragraphs 7 and 8 (which relate to field allowance under Chapter 7 of Part 8 of CTA 2010).
7(1)This paragraph applies if, in the absence of this Schedule, a company would hold a field allowance for an eligible oil field as a result of section 337 or 347(2) of CTA 2010 immediately before the relevant date.
(2)“The relevant date” is—
(a)in relation to a new oil field whose authorisation day is on or before 1 April 2015, 1 April 2015;
(b)in relation to an additionally-developed oil field, 1 April 2015;
(c)in relation to a new oil field whose authorisation day is after 1 April 2015 but before 1 January 2016, the authorisation day.
(3)The unactivated amount of field allowance held by the company for the oil field immediately before the relevant date, as determined under section 339 of CTA 2010, is to be treated for the purposes of Chapter 6A of Part 8 of CTA 2010 (inserted by paragraph 2) as an amount of unactivated investment allowance generated by the company in the oil field in the relevant period.
(4)“The relevant period” is—
(a)the accounting period in which the relevant date falls, or
(b)where the company has different shares of the equity in the oil field on different days in that accounting period, the reference period (within the meaning of Chapter 6A of Part 8 of CTA 2010) in which the relevant date falls.
8(1)This paragraph applies if, in the absence of this Schedule, a company would under section 335 or 336 of CTA 2010 carry all or part of a pool of field allowances into the accounting period in which 1 April 2015 falls (“the commencement period”).
(2)The amount that would be carried into that accounting period is to be treated for the purposes of Chapter 6A of Part 8 of CTA 2010 (inserted by paragraph 2) as an amount of activated investment allowance carried forward to the commencement period under section 332EA of that Act.