Finance Act 1983

37 Reliefs for exploration and appraisal expenditure etc.

(1) The section set out in Part I of Schedule 8 to this Act shall be inserted in the principal Act after section 5 for the purpose of setting up a new allowance by virtue of which a participator in an oil field may obtain relief for certain expenditure which is incurred otherwise than in connection with that field.

(2) For the purpose of giving effect to, and in consequence of, the new allowance, the enactments specified in Part II of Schedule 8 to this Act shall have effect subject to the amendments there specified.

(3) Part III of Schedule 8 to this Act shall have effect with respect to sums received after 15th March 1983 and falling to be set off against expenditure which would otherwise be allowable under section 5 of the principal Act or under the new section set out in Part I of that Schedule.

(4) In paragraph 1 of Schedule 7 to the principal Act (claims for certain allowances)—

(a) in sub-paragraph (1) the words from " but may not " to the end of the sub-paragraph (which impose a time limit on claims) shall be, and shall be deemed always to have been, omitted ; and

(b) in sub-paragraph (2) the words " within the time allowed for making the original claim " shall be, and shall be deemed always to have been, omitted ;

and, accordingly, any claim which, immediately before the passing of this Act, could not have been made by virtue of the time bar may be made thereafter.