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Finance Act 2012
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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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