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Corporation Tax Act 2010
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Changes over time for: Section 270
Changes to legislation:
Corporation Tax Act 2010, Section 270 is up to date with all changes known to be in force on or before 27 November 2024. 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.
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 357CHA omitted by 2024 c. 3 Sch. 2 para. 14(7)
- s. 658(1)(d)(e) inserted by 2010 c. 13 Sch. 6 para. 31 (This amendment not applied to legislation.gov.uk. Sch. 6 para. 31 omitted (retrospective to 6.4.2010) by virtue of Finance Act 2012 (c. 14), s. 52(2) (3))
270Overview of PartU.K.
This section has no associated Explanatory Notes
(1)This Part is about the corporation tax treatment of oil activities [F1but also needs to be read with the Energy (Oil and Gas) Profits Levy Act 2022 (which imposes a tax in relation to ring fence profits)].
(2)Chapter 2 contains basic definitions used in this Part.
(3)Chapter 3 treats oil-related activities as a separate trade.
(4)Chapter 4 makes provision about the calculation of profits from oil activities.
(5)Chapter 5 makes provision about ring fence expenditure supplement.
F2(5A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)Chapter 6 makes provision about the supplementary charge in respect of ring fence trades.
[F3(6A)Chapter 6A makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to qualifying oil fields for the purposes of oil-related activities.]
F4(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(7A)Chapter 8 makes provision about the reduction of supplementary charge by an allowance for capital expenditure incurred for the purposes of onshore oil-related activities.]
[F6(7B)Chapter 9 makes provision about the reduction of supplementary charge by an allowance for certain expenditure incurred in relation to a cluster area for the purposes of oil-related activities.]
(8)For the meaning of—
(a)“oil-related activities”, see section 274, [F7and]
(b)“ring fence trade”, see section 277, F8...
F8(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 270(1) inserted (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 2 para. 4 (with ss. 15(1), 16(1))
F2S. 270(5A) omitted (with effect in accordance with Sch. 11 para. 14 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 11 para. 11
F3S. 270(6A) inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 2(2)
F4S. 270(7) omitted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 14 para. 2(3)
F5S. 270(7A) 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(2)(a)
F6S. 270(7B) inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 2(4)
F7Word in s. 270(8)(a) inserted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 14 para. 2(5)(a)
F8S. 270(8)(c) and preceding word omitted (with effect in accordance with Sch. 14 para. 10 of the amending Act) by virtue of Finance Act 2015 (c. 11), Sch. 14 para. 2(5)(b)
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