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Finance Act 2012

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Changes over time for: Paragraph 16

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

(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 ”.

Commencement Information

I1Sch. 22 para. 16(2)(4)(5) in force at 1.4.2013 for the purposes of the amendments made by those sub-paragraphs by S.I. 2013/744, art. 2

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